Banco Votorantim S.A. Institutional Presentation

2nd Quarter, 2012

1

Disclaimer

Disclaimer

“Certain statements made in this presentation may not be based on historical information or facts. This presentation therefore contains, or may be deemed to

contain, “forward looking statements” (within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities

Exchange Act of 1934, as amended), including those relating to the general business plans and strategy, future financial condition and results and growth

prospects of Banco Votorantim S.A. (“Banco Votorantim” or the “Company”), and future developments in its industry and its competitive and regulatory

environment. By their nature, forward‐looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or

may not occur in the future and are based on assumptions, data or methods which, although considered reasonable by the company at the time, may turn out to

be incorrect or imprecise, or may not be possible to realize. Accordingly, actual results may differ materially from these forward‐looking statements due to a

number of factors, including future changes or developments in the Company‟s business, its competitive environment, technology developments and political,

economic, legal and social conditions in Brazil.

Forward looking information is not merely based on historical fact but also reflects management‟s objectives and expectations. The Company can give no

assurance that expectations disclosed in this presentation will be confirmed. The words “estimate”, “believe”, "anticipate", “wish", "expect", “foresee", “intend",

"plan“, "predict", “forecast", “aim" and similar words, written and/or spoken, are intended to identify affirmations which, necessarily, involve known and unknown

risks. Known risks include uncertainties which include, but are not limited to, interest rates, product competition, market acceptance of products, the actions of

competitors, regulatory approval, currency type and fluctuations, monetary policy, among others.

This presentation is based on events up to June 30th, 2012. The Company or any of its affiliates take no responsibility or liability to update the contents of this

presentation in the light of new information and/or future events.

Banco Votorantim and/or any of its affiliates do not accept and take no responsibility, whatsoever, direct or indirect, for transactions or investment decisions

made on the basis of information contained in this presentation.

Banco Votorantim may alter, modify or otherwise change in any manner the contents of this presentation, without the obligation to notify any person of such

revision or changes.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor

anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this

summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.

The market and competitive position data, including market forecasts, used throughout this presentation were obtained from internal surveys, market research,

publicly available information and industry publications. Although the Company has no reason to believe that any of this information or these reports are

inaccurate in any material respect, the Company has not independently verified the competitive position, market share, market size, market growth or other data

provided by third parties or by industry or other publications and therefore does not make any representation as to the accuracy of such information.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without the Company‟s

prior written consent.”

2

Macroeconomic environment and the banking sector

Corporate governance

Strategy and business portfolio highlights

Financial highlights

Agenda

3

Brazilian macroeconomic highlights

International reserves (US$B) Unemployment index³ (%)

GDP (R$T) and real GDP growth (%p.y.)

Benchmark interest rate¹ (Selic - %p.y.) and

12 month IPCA – consumer price index² (%)

June/12

4.92

8.50

Mar/12

5.24

9.75

2011

6.50

11.00

2010

5.91

10.75

2009

4.31

8.75

2008

5.90

13.75

2007

4.46

11.25

May/12

5.8

Mar/12

5.8

2011

6.0

2010

6.7

2009

8.1

2008

7.9

2007

9.3

Brazilian macroeconomic highlights

June/12

4.28

0.5%(F)

Mar/12

4.20

0.8%

2011

4.14

2.7%

2010

3.77

7.5%

2009

3.24

-0.3%

2008

3.03

5.2%

2007

2.66

6.1%

374365352

289

239

194180

June/12 Mar/12 2011 2010 2009 2008 2007

Selic

IPCA

1. Selic benchmark, by the end of the period; 2. Inflation, measured by the IPCA index; 3. As a % of the economically active population in metropolitan areas (average for the ongoing year)

Note: (F) – forecast Source: Bacen; IBGE

4

327330373

324

6358102

Jun/12 Mar/12 2011 2010 2009 2008 2007

Brazilian Financial System (SFN¹)

Reserve requirements collection (R$B)

SFN – Total loan portfolio (R$T) Credit as % of GDP

Brazilian Financial System

Enterprises

Individuals

June/12²

2.17

53%

47%

Mar/12

2.07

53%

47%

Dec/11

2.03

54%

46%

Dec/10

1.71

54%

46%

Dec/09

1.41

55%

45%

Dec/08

1.23

57%

43%

Dec/07

0.94

55%

45%

Individuals’ loans - Non-earmarked (R$B)

Auto finance

Payroll

loans

Others

June/12²

688.1

29%

25%

45%

Mar/12

667.7

30%

25%

45%

Dec/11

648.3

31%

25%

44%

Dec/10

560.0

33%

25%

42%

Dec/09

469.9

33%

23%

44%

Dec/08

394.3

35%

20%

45%

Dec/07

317.6

35%

20%

44%

June/12

50.6%

Mar/12

49.4%

2011

49.0%

2010

45.2%

2009

43.7%

2008

40.5%

2007

35.2%

1. SFN: Sistema Financeiro Nacional; 2. In June/12, individuals‟ loan portfolio included R$324B of Earmarked resources, and R$688B of Non-earmarked resources, including R$202B in auto

finance (CDC+Leasing) Source: Bacen; IBGE

Mar/10: changed

collection for time

deposits and additional

reserve requirements for

deposits

5

Macroeconomic environment and the banking sector

Corporate governance

Strategy and business portfolio highlights

Financial highlights

Agenda

6

Banco Votorantim is one of the leading players in Brazil 3rd largest privately-held Brazilian bank in total assets and loan portfolio

Banco Votorantim is the 3rd largest privately-

held Brazilian bank in total assets...

...and is well-positioned to consolidate itself

as one of the largest banks in Brazil

Banco Votorantim – Overview

Largest Financial Institutions - Assets (R$B)¹

...and also in terms of loan portfolio...

58

58

88

114

147432

511

666

815

935

CEF

Bradesco

Itaú Unibanco

Banco do Brasil

Citibank

BTG Pactual

Safra Votorantim

HSBC Santander

Largest Financial Institutions – Loan Portfolio (R$B)¹

State-owned

Foreign

National privately-held

20

20

41

48

59173

237

250

289

398

Volkswagen

Banrisul

Safra

HSBC Votorantim²

Santander

Bradesco

CEF

Itaú Unibanco

Banco do Brasil

State-owned

Foreign

National privately-held

1. Excluding BNDES (state-owned development bank); figures as of Mar/12, except for Banco Votorantim (June/12); 2. Considers BV‟s own portfolio (excluding securitization); 3. Includes credit assignments with recourse and FIDCs Source: Banco Votorantim; Bacen; Anbima

Diversified business portfolio

• Wholesale Banking

– “Top 5” in credit for large enterprises

• Consumer Finance

– Market leader in used auto finance

– “Top 5” in payroll loans³

– ~ 5.6 million customers

• Wealth Management

– 8th largest asset manager by Anbima‟s managers‟

ranking: R$43.2B in AuM

Strategic partnership with Banco do Brasil, the largest

financial institution in Latin America

Strong and committed shareholder base

• Banco do Brasil and Votorantim Group

Low fixed-cost business model

• Extensive third-party distribution network in Consumer

Finance (vs. branches)

+

Shareholder

50% total

7

Banco Votorantim has a strong shareholder base Two of the largest and most solid Brazilian institutions

Note: Figures as of Dec/11 Source: IR websites

Total: 50.00%

Common: 49.99%

Preferred: 50.01%

Total: 50.00%

Common: 50.01%

Preferred: 49.99%

• One of the largest privately-held industrial groups in

Latin America

• Founded in1918

• R$23.7B revenues and R$5.3B EBITDA in 2011

• Market leader among its diversified portfolio of basic

materials and commodities, e.g.:

– Pulp & Paper: #1 pulp producer in the world

– Cement: top 10 global player; #1 in Brazil

– Metals: leading global position in zinc and nickel; #1

aluminum producer in Brazil

– Steel: established presence in long steel in South

America

– Orange juice: “top 3” global player

• ~65,000 employees

• Ratings: Baa3 (Moody’s) / BBB (S&P) / BBB (Fitch)

Votorantim Group

• Largest FI in Brazil, 200+ years old

• R$12.1B net profit in 2011, and 21.7% ROAE

• Market leader in terms of

– Total assets (R$981B)

– Total deposits (R$442B)

– Loan portfolio (R$461B)

– AuM (R$416B)

• Diversified funding base, with low cost deposits

– ~65% of the basic interest rate – Selic

• 59.2% controlled by the Brazilian Government

• Market capitalization: R$74.4B (Mar/12)

• ~56M retail clients

• ~114k employees

• Ratings: Baa2 (Moody’s) / BBB (S&P) / BBB (Fitch)

Banco do Brasil (BB)

Banco Votorantim – Shareholder base

8

Partnership with Banco do Brasil was established in 2009,

based on a sound strategic rationale

Robust deposit base:

Funding

Votorantim Group‟s solidity and

industrial expertise

Asset origination capacity

Efficient brokerage structure

and differentiated Asset

Management products

Largest consumer finance

customer base in Brazil

Stronger and more competitive institution

Successful operating model in

Auto Finance and Alternative

Channels

National presence, through an

extensive distribution network

Solidity and tradition of the

oldest Brazilian bank

Strategic partnership

9

Shared governance between the shareholders

• Gestão profissional com executivos experientes

Name Position Shareholder

José Ermírio de Moraes Neto Chairman Votorantim Finanças

Aldemir Bendine Vice-Chairman Banco do Brasil

Ivan de Souza Monteiro Director Banco do Brasil

Marcus de Camargo Arruda Director Votorantim Finanças

Paulo Rogério Caffarelli Director Banco do Brasil

Wang Wei Chang Director Votorantim Finanças

Name Position

João Roberto Gonçalves Teixeira CEO

Alvaro Jorge Fontes de Azevedo Executive Officer

Elcio Jorge dos Santos Executive Officer

Marcos L. Monteiro Executive Officer

Pedro Mollo Neto Executive Officer

Ricardo Arruda Executive Officer

Robert John van Djik Executive Officer

Governance structure

Banco Votorantim – Corporate Governance

Board of Directors

Executive Committee

Source: Banco Votorantim

• Equal representation of each shareholder

• 2-year term of office, and annual Chairman/Vice-Chairman

rotation between the two shareholders

• Decisions are made by absolute majority, with no “casting vote”

Board of

Directors

Operating Committees

Executive

Committee

Communication

Credit

Business

Products

Human Resources

Technologies

Tax

Sustainability

ALM, Risks & Capital

Internal Controls

Ombudsman

Expenses (CAAD)

Projects

Fiscal Council

Audit

Committee

Compensation

& HR

Statutory

Products &

Marketing

Finance

Operational

Review (CRO)

Advisory

Equal representation of

each shareholder

Equal representation of each

shareholder (temporary)

10

Macroeconomic environment and the banking sector

Corporate governance

Strategy and business portfolio highlights

Financial highlights

Agenda

11

Banco Votorantim has a diversified business portfolio,

internally divided into Wholesale and Consumer Finance

Banco Votorantim – Corporate strategy

1. Includes guarantees provided and private securities; 2.Consumer Finance‟s own loan portfolio totaled R$38.3B in June/12, besides R$15.4B in credit assignments with recourse (including FIDCs‟ subordinated shares, which represented R$3.3B) Note: Middle Market segment refers to enterprises with annual sales between R$20M and R$400M; when annual sales are above R$400M, the enterprise belongs to CIB segment

Banco Votorantim is focused on increasing the return on

capital of all business lines in the medium-term

Shareholders

Pillars

Cons. Finance² Wholesale

Auto

Finance

Among the top players

in the market,

enhancing partnership

with BB

Focus on used auto

finance

(multi-brand dealers)

Partner with BB in new

auto finance

(new car dealers)

Other

businesses Increase profitability in

individual loans, with

focus on INSS

payroll loans

Continue to grow in

credit cards

Expand insurance

brokerage revenues

(e.g. Auto)

Corporate &

IB (CIB)

Wealth

Management

Middle

Market

Continue to grow with

quality in this segment

of mid-sized

companies, gaining

scale and efficiency

Focus on

relationships and

operational agility

Enhance product

offering

8th largest asset

manager, with

innovative products

Private Bank focused

on estate planning,

offering customized

solutions, with an

open architecture

Continuously expand

synergies with BB

Position CIB as a relevant partner, by building agile and

long-term relationships, as well as offering integrated

financial solutions (IB, derivatives,

structured products and distribution), suitable for each

client

Banco do Brasil Votorantim Group +

Expanded¹

loan portfolio

R$42.3B

R$80.6B

R$80.6B

R$38.3B

12

Wholesale: expanded¹ loan portfolio

reached R$42.3B in June/12 Corporate & IB (CIB) highlights

1. Includes guarantees provided and private securities; 2. Ratio between ALL balance and balance of operations past due by over 90 days (Bacen‟s Res. 2,682 criteria); 3. Past due by over 90 days (Bacen‟s Res. 2,682 criteria)

Corporate

(CIB)

Middle

Market

June/12

42.3

32.7

9.6

June/11

39.0

31.7

7.3

2011

39.2

30.2

9.0

2010

37.2

31.3

5.9

2009

35.6

33.4

2.1

2008

35.6

33.9

1.7

Wholesale expanded¹ loan portfolio (R$B)

Middle Market highlights

More disciplined capital allocation (focus on profitability)

• Assessment of operations via Business Committee (weekly)

• Individual business plans for each client

Improved relevance to customers, through strengthening of

the product platform. 1H12 highlights:

• Derivatives (hedge): ranked 8th in CETIP‟s ranking

• Investment Bank: 25 Fixed Income and 2 Equities operations,

besides the announcement of 4 Mergers & Acquisitions

• Project Finance: R$1.1B in concluded operations

“One-stop-shop Project Structuring factory”

• Advisory and financing throughout the project cycle

Focus on profitability (vs. growth)

• Cautious loan portfolio expansion

• Delinquency levels below market average (2.3%³ in June/12)

Scale and efficiency gains

∆

June.12/

June.11

8%

30%

3%

Coverage Ratio² 189% 180%

Focus on exploring opportunities related to infrastructure

investments and the expected growth of capital market

Wholesale – CIB and Middle Market

CIB and Middle Market have increased their focus on

profitability, and kept the conservatism in credit provisions CIB & Middle

Market

13

VWM&S reached R$43.2B in assets under management

Wealth Management (VWM&S) expands 14% in

12 months and VAM is now the 8th largest Asset¹ Asset Management highlights

Wholesale – Wealth Management

VWM&S assets under management²(R$B) Continuous market share expansion in the last months,

reaching 1.9% in June/12

Structured Products (FIDC, FII and FIP³) ends June/12

with R$11.4B in assets under management

Enhanced synergies with BB: assets from funds

structured in partnership reach R$2.2B4

43.2

+14%

June/12 June/11

37.8

2011

43.0

2010

31.4

2009

22.9

2008

19.1

13th Anbima

ranking¹ 9th 8th

Private Bank highlights

12% growth in assets under management (AuM) and

17% growth in the customer base, in the last 12

months

ISO 9001:2008 Certificate for the scope of Relationship,

Wealth Management and Advisory regarding Brazilian

clients, by Bureau Veritas

Focus on estate planning via customized solutions,

with an open architecture concept

1. Includes Treasury, Brokerage and offshore products; 2. Votorantim Asset Management „s(VAM) position in Anbima‟s managers‟ ranking; 3. Investment funds in credit receivables, real estate , and equity shares; 4. Total assets by the end of June/12 Source: Banco Votorantim; Anbima

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

managing high value-added products

Wealth

Mgmt

14

Consumer Finance – Auto Finance

BV Financeira is one of the leading players in auto

finance, and operates in partnership with BB

BVF operates as BB’s arm in auto financing outside

BB s branch network

BVF is among the leading players in the auto finance

market…

• ~19.3% portfolio market share²

• ~ 5.6 million clients

…with focus on multi-brand dealers (used vehicles) for

own origination

• Multi-brand dealers represented 81% of light vehicles

financed in June/12 (67% in June/11)

BB and BV Financeira have jointly advanced in the

structuring of a credit assignment model without

recourse (“BV Financeira Originadora”)

• Focus on new car dealers (new vehicles)

Low fixed-cost business model, based on an extensive

third-party distribution network

• More than 22,000 multi-brand dealers throughout Brazil

Auto Finance highlights

Auto finance represents 80% of Consumer

Finance’s managed loan portfolio

Banco Votorantim – Auto finance managed¹ loan

portfolio(R$B)

Auto finance

(own portfolio)

12.0

30.9

(72%)

43.0

June/12

Auto finance

(securitized)¹

2011

47.5

31.3

(66%)

16.3

2010

41.6

32.0

(77%)

9.6

2009

26.4

22.6

(86%)

3.8

2008

20.0

17.2

(86%)

2.8

80% 88% Auto finance/

Cons. Fin.¹(%)

Auto

Finance

1. Includes credit assignments with recourse and for FIDCs; 2.Estimate based on the managed loan portfolio (excluding FIDCs) Source: Banco Votorantim; Bacen; Abel

15

June/11

28.5 24.5 26.8

Mar/12 June/12

57%59%65%

June/12 Mar/12 June/11

81%77%67%

June/12 Mar/12 June/11

June/12

45.2

Mar/12

45.6

June/11

48.8

Higher than SFN²:

20.7% in June/12

Production via multi-brand¹ dealers/Total (%) Auto production average interest rate (%p.y.)

Auto production average tenor (months) Auto production loan-to-value³ (%)

1. Considers light vehicles; 2. National Financial System (“Sistema Financeiro Nacional”); 3. Financed % of the asset‟s value (the lower the %, the higher the required down payment) Source: Banco Votorantim

BV Financeira reinforced focus on multi-brand dealers,

reduced average tenor and required greater down payment Auto

Finance

Consumer Finance – Auto Finance

16

Social security represents 67% of BV’s

managed payroll loan portfolio Payroll loans highlights

7.0

(68%)

10.4

3.4

Own

portfolio

Securit.¹

June/12 Mar/12

10.5

6.7

(64%)

3.8

Dec/11

10.5

6.2

(59%)

4.3

Dec/10

8.9

4.9

(56%)

3.9

Dec/09

5.7

3.4

(59%)

2.3

Dec/08

2.6

1.7

(68%)

0.8

67% INSS/ Payroll loan

portfolio (%)

Managed¹ payroll loan portfolio (R$M)

Banco Votorantim’s payroll loans business is focused

on INSS (retirees and pensioners)

Operation focused on “INSS” (retirees and

pensioners)

• INSS represents 67% of BV‟s managed payroll loan

portfolio

Selective operations in both private and public

sector

Increased focus on refinancing contracts

Estimated market share of 5.9% (considering

managed¹ portfolio)

National presence mainly through an extensive

third-party distribution network

• Relationship with over 1,000 correspondent banks

55%

Consumer Finance – Payroll loans

Payroll

loans

1. Includes credit assignments with recourse Source: Banco Votorantim; Bacen

17

Macroeconomic environment and the banking sector

Corporate governance

Strategy and business portfolio highlights

Financial highlights

Agenda

18

Financial highlights

Financial highlights

Note: excluding the timely expenses related to the restructuring process (e.g. labor provisions), 2Q12 non-interest expenses would have decreased R$10M vs. 1Q12

1. Federal, state and local taxes (excludes ISS, PIS and Cofins)

Total revenues (Gross Financial Margin, Fee Income and Other Operating Income) Allowance for loan losses expenses

859813Cons.

Finance

Wholesale

2Q12

1,449

1,331

119

1Q12

1,491

1,357

134

4Q11

1,328

1,181

146

3Q11

989

130

2Q11

893

80

Non-interest expenses (Personnel, Administrative, Operating and Other Tax¹) Net income

354 415 433 362 372

210235 209 235 244

187145 157

Administrative

Personnel

Other

2Q12

773

1Q12

742

4Q11

829

3Q11

768

118

2Q11

672

108

-536-597-656

-85

156

2Q12 1Q12 4Q11 3Q11 2Q11

R$ million

∆ 2Q12/

1Q12

2Q12

1,405

1Q12

1,400

4Q11

1,186

3Q11

1,748

2Q11

1,819 -3%

-12%

-2%

19

Dec/11

39.7%

Sept/11

37.0%

June/11

36.2%

June/12

48.1%

Mar/12

43.4%

Financial highlights

2Q12

4.4%

1Q12

4.5%

4Q11

3.5%

3Q11

4.9%

2Q11

5.5%

Financial highlights

Net Interest Margin – NIM (% p.y.) Efficiency Ratio¹ (%) – last 12 months

1.Ratio between (a) the sum of Personnel and Other administrative expenses and (b) the sum of Gross income from financial intermediation before Allowance for Loan Losses (ALL), Fee

income, Other operating income/expenses, and Fiscal hedge adjustment

20

June/12

43.2

Mar/12

44.6

Dec/11

43.0

Sept/11

38.6

June/11

37.8

Expanded¹ managed² loan portfolio

Total assets Assets under management

Loan portfolio

June/12 Mar/12

113.6

Dec/11 Sept/11 June/11

119.2 113.5 112.4 124.3

1. Includes guarantees provided and private securities, 2. Includes credit assignments with recourse and credit assignments for FIDCs (of which Banco Votorantim owns 100% of the subordinated quotas)

Financial highlights

Expanded credit

portfolio¹

Securitization

June/12

95.7

80.3

15.4

Mar/12

97.6

79.6

18.0

Dec/11

97.4

76.8

20.5

Sept/11

99.4

82.8

16.6

June/11

95.7

79.8

15.9 58.8

Dec/11

58.7

Sept/11

64.0

June/11

61.2

Mar/12

58.8

June/12

Financial highlights

R$ Billion

21

Expanded managed loan portfolio

Others³

Auto finance

June/12 Sept/11

99.4

Corporate

95.7

48.0

95.7

Middle

Market

10.8

June/11

43.0

10.4

31.7

7.3

46.2

10.4

Mar/12

97.6

32.4

9.1

45.6

10.5

9.6

Dec/11

97.4

30.2

9.0

10.7

31.8 32.7

8.8

47.5

Credit assignments with recourse(R$B)

Expanded¹ managed² loan portfolio (R$B)

1. Includes guarantees provided and private securities, 2. Includes credit assignments with recourse and credit assignments for FIDCs (of which Banco Votorantim owns 100% of the subordinated quotas); 3. Payroll loans, CDC, credit cards and individual loans

Total

Credit assignments for FIDCs(R$B)

Financial highlights

15.4 12.9 12.0

5.2 2.9 3.3

∆

June12/June11

∆

June12/Mar12

0.0% -1.9%

-0.5% -0.8%

-7.0% -5.8%

30.5% 5.2%

3.3% 1.1%

22

June/12

6.9%

5,091

Mar/12

5.9%

4,536

Dec/11

4.6%

3,675

Sept/11

3.7%

2,992

June/11

2.9%

2,248

June/12

108.1%

Mar/12

102.0%

Dec/11

103.9%

Sept/11

103.9%

June/11

108.2%

Allowance for loan losses balance Coverage Ratio¹ (%)

Non-performing loans - 90 days¹ (%) Non-performing loans - 15 to 90 days¹ (%)

ALL balance/managed loan portfolio¹

ALL balance (R$M)

Credit indicators

Financial highlights – Credit indicators

June/12

8.0%

2.1%

6.3%

Mar/12

7.1%

2.0%

5.8%

Dec/11

5.5%

1.7%

4.5%

Sept/11

4.4%

1.3%

3.6%

June/11

3.3%

1.1%

2.7% 1.1%

7.4%

June/11

5.9%

8.7%

Mar/12

6.0%

0.7%

8.1%

June/12

1.2%

6.7%

Dec/11

8.1%

0.8%

6.2%

Sept/11

7.6%

0.3%

5.5%

Total Consumer Finance Wholesale Wholesale Total Consumer Finance

1. Considers credit assignments with recourse and credit assignments for FIDCs ; past due loans according to Bacen‟s Res. 2,682 criteria

23

June12/Mar12 June12/June12

Deposits 23.6 25.6 23.0 (10.2) (2.8)

Repos¹ 19.4 20.7 16.2 (21.6) (16.5)

Issuance of Securities² 15.7 19.1 21.4 11.9 36.7

Financing Bills 5.7 8.4 10.1 19.7 77.3

Subordinated Debt 5.7 7.5 7.8 4.1 37.8

Subordinated Financing Bills 1.1 2.2 2.1 (3.6) 95.4

Loans and Others³ 9.6 7.7 7.0 (10.0) (27.8)

Onlendings 7.1 6.0 5.6 (6.4) (21.2)

Total Funding 81.1 86.6 81.0 (6.5) (0.2)

Securitization (credit assignments + FIDCs) 15.9 18.0 15.4 (14.5) (3.2)

Credit assignments - w ith recourse 12.9 13.6 12.0 (11.8) (7.0)

Credit assignments - for FIDCs4 2.9 4.3 3.3 (23.0) 14.0

Total Funding and Securitization 97.0 104.6 96.4 (7.9) (0.7)

International Funding5/Total Funding and Securitization (%) 13.0 12.4 14.8

Loan Portfolio/Total Funding (%) 75.4 67.9 72.6

FUNDING SOURCES

(R$ Billion)

(R$ Bilhões)

June.11 Mar.12 June.12Variation (%)

Funding sources

1. Private securities (excludes government securities); 2. Includes Eurobonds, Debentures, Financial bills and LCA; 3. Includes Option Box and NCE repo; 4. FIDCs of which Banco Votorantim owns 100% of the subordinated quotas; 5. Includes foreign securities, foreign borrowings and subordinated bills

Financial highlights – Funding

Additionally, Banco Votorantim has a stand-by credit

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

24

Basel Index and Shareholders’ Equity

Tier I

Tier II

Sept/11

12.7%

8.5%

4.2%

June/11

13.9%

9.7%

4.1%

June/12

15.5%

10.2%

5.3%

Mar/12

13.0%

8.7%

4.4%

Dec/11

14.1%

9.5%

4.7%

Financial highlights – Capital and liquidity

Basel Index

8,718

7,566

Dec/11 June/11

8,706 8,041

Sept/11 June/12 Mar/12

9,304

Shareholders’ Equity (R$M)

Shareholders increased capital

by R$ 2B in June/12

25

Banco Votorantim’s main ratings

Ratings

Banco Votorantim is an Investment Grade bank by Fitch, Moody’s and S&P

RATING

AGENCIES

International National

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

Fitch Ratings Local Currency Foreign Currency Nacional

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

Moody’s Local Currency Deposits Foreign Currency Deposits Nacional

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

Standard & Poor's Local Currency Foreign Currency Nacional

BBB- A-3 BBB- A-3 brAAA brA-1