Company Presentation

September 2016

1

Managers

Name & Position

Raphael Rezende Neto

CEO

Alexsandra Braga

CFO

Thiago Souza

Head of IR

Experience  Mr. Rezende joined Caixa Econômica Federal in 1989  Holds a bachelor’s degree in Accounting from Associação de Ensino Unificado do Distrito Federal  Holds an MBA in Controllership from FIPECAFI-USP de Brasília and an extension course in Accounting from Fundação Getúlio Vargas

 Ms. Braga joined Caixa Econômica Federal in 2001  Holds a bachelor’s degree in Engineering from Universidade de Brasília  Holds an extension course in Corporate Management, Finance and Capital Market from Fundação Getúlio Vargas

 Mr. Souza joined Caixa Econômica Federal in 2001  Holds a bachelor’s degree in Accounting from Universidade de Brasília  Holds an MBA in Accounting and Finance from Universidade Católica de Brasília and an extension course in Investor Relations from FIPECAFI-USP

2

Agenda

1 Executive Summary

2 Opportunity Highlights

3 Growth Strategy

3

Section 1 Executive Summary

4

Highlights 2015

HY2016

R$ 1,051 million

R$ 533 million

NET PROFIT

NET PROFIT

38.6%

36.2%

ROE

ROE

87.6%

85.7%

NET MARGIN

NET MARGIN 5

Facts & Figures Caixa is one of the largest distribution channels to sell bancassurance products with more than 85 million clients and 3,406 branches combined with a successful history of 50 years selling insurance products Net Income – Caixa Seguridade

With nearly 50yrs of successful history, insurance is the perfect product

Caixa Seguridade posted double digit growth (net income) in the last years

March 2016 The primary offering postponement decision

1051 887 722

604 366

429

533

487

1967 Caixa Seguros is founded

1991 Caixa Seguros starts to sell "Seguros Habitacionais“ (mortgage insurance products)

IPO

2014 Acquisition of PAN Corretora

TBD 2016 2015 2014

June 2015 PAR Corretora IPO performs successfully in a transaction of R$600mm

2001

2009

2010

2011

2012

2013

2014

2015 HY2016

1991 1967

From 2015 we will now focus on identifying value added products to explore this new client base

85 Million Clients

3,406 Branches

2001 Partnership with CNP

842 Service Points

32,112 ATMs

v

6

May 2015 Creation of companies: CAIXA Seguridade Participação S/A CAIXA Holding Securitária S/A

June 2015 Accomplishment of business PAN Seguros

35,328 Lotteries and Other Banking Correspondents

Business Structure

Free-Float

Bancassurance Exclusive Rights

48.2% 84% of Net Income

Caixa Seguros Holding 100% (1)

49.0%

BDF

5% of Net Income

Distribution Fee booked inside Caixa Seguridade

11% of Net Income Corretora

25%

Distribution Channel:

Source: Company Note: (1) 100% stakes of all Caixa Seguros subsidiaries, except for Caixa Capitalização (51%).

Distribution Channel:

7

Section 2 Opportunity Highlights

8

Opportunity Highlights

Solid business fundamentals supported by…

1

2

3

Underpenetrated customer base with growth potential

The best distribution channel to sell insurance

Resilient insurance platform with recurring revenues streams

 Room for growth when compared to peers.  Already delivering growth at a faster pace than the market

 Exclusivity agreement to explore Caixa’s distribution network  Nation-wide presence with 70.5k service points. +3,406 branches, +14,421 CaixaAqui,  Leader in mortgage and second in payroll loans

 Undisputable leadership in mortgage insurance with over 60% market share  One of the largest and fast-growing bancassurance operations in Brazil  15,9% growth in 2015.

... high margins & dividend payout and strong financial performance.

9

Underpenetrated Client Base and Market Continued high growth perspectives on the back of a continuous growth of premiums. Penetration of Caixa’s client base Premiums Written / Branches 2015 (R$ 000)

Product Performance (in R$ MM of written premiums) 11%



Caixa owns approximately 60% of the mortgage market in Brazil.



Minha Casa Minha Vida segments 2 and 3 are now being insured by Caixa Seguradora.



Mortgage insurance duration of ~18 years.



Product renewal rate of 80% for Auto and 50% for Residential.



Lar+ is focused on bundling P&C products with mortgage insurance transactions.



Product outperformed market growth for 2015 (+19.3% vs +47% for Caixa Seguros).



Good cross seling opportunities.



Sales growth is focused into increasing insurance penetration into bank transaction.

491

Mortgage Insurance

30

64

na

33

955

1064

2015

HY2016

22% 3155

P&C

1568

1254

248

x12

299

364

2015

HY2016

24% 5865

Pension

4572

6760 1557

x4

2584

3207

2015

HY2016 8%

531

892

Life

Source: SUSEP and Banco Central do Brasil Note: 1 Excluding international business

583

374

x2

10

619

666

2015

HY2016

Growing Faster than the Market

CAIXA Seguridade grows above the market average…

Jun/2015 – Jun/2016 growth (%)

Caixa Seguridade Δ%

Market Δ%

Market Total1

16.0%

6.4%

Life

8.1%

4.2%

Credit Insurance (Prestamista)

15.0%

-10.7%

Residential

17.3%

7.5%

Mortgage

11.4%

10.1%

Pension

23.9%

12.6%

Auto

-2.9%

-3.1%

Source: Company, SUSEP Notes: 1 Considering written premium, pension contributions and premium bonds collections

11

Resilience of the Sector Although the economy showed deceleration, insurance sector continues to grow. Insurance Premiums (R$ BB)

123

157

219

199

178

114

2012 2013 2014 Brazilian Insurance: main bancassurance segment players market share .

2015

2016

Bancassurance is growing faster and Caixa Seguridade aims to increase its share through a recently launched sales initiative that shifts Caixa's focus into insurance products Insurance Market Share Loans Market Share

43,30%

37,70%

35,40%

35,60%

35,50%

35,30%

33,55%

15,40%

16,90%

14,30%

12,60%

11,50%

12,86%

20,60%

19,80%

18,98%

21,40%

20,60%

22,10% 19,30%

21,40%

24,50%

27,20%

27,50%

28,83%

15,20% 5,60%

5,50%

4,90%

5,00%

4,90%

5,10%

5,70%

2010

2011

2012

2013

2014

2015

HY2016

14,70% 21,20%

Source: SUSEP CAIXA Seguridade Note: 1 CNSeg - National Confederation of General Insurance Companies 2 Market share by loans

BB Seguridade

Brasdesco

Itaú 12

Others

25,7%

24,7%

11,4%

10,9%

17,0%

18,3%

24,8%

24,0%

21,1%

22,1%

2015

HY2016

Sales Powerhouse Caixa has one of the largest financial cross-selling capabilities in the market. Assets (R$ billion)

Loans (R$ billion)

Branches Ranking (as of June of 2016) 1st +1,355

3rd

In 2007

Deposits (R$ billion)

Savings (R$ billion) 1st

Number of Caixa Clients (million) 1st

+38 million clients

Branches are currently the main origination channel for insurance and Caixa has a significant presence countrywide.

Source: Company & Banco Central do Brasil.

13

Section 3 Growth Strategy

14

Tem Mais Caixa

For whom?

When?

Which Product?

For clients identified in CAIXA’S CRM.

Taking advantage of the customer “magic” relationship moment with CAIXA.

Products suited to the profile, needs and purchasing power of each client.

15

Results

With “Tem Mais Caixa” program, the sales of insurance products at branch level have increased significantly, bringing Caixa Seguridade to grow above the market average. Results on new contracts (Branches)

Penetration of Residential1

58%

55%

56%

56%

53%

54%

59%

Mar'15

May'15

July'15

Sept'15

Nov'15

Jan'16

Mar'16

May'16

55%

53%

48%

50%

52%

55%

56%

May'15

July'15

Sept'15

Nov'15

Jan'16

Mar'16

May'16

11%

11%

10%

12%

13%

11%

May'15

July'15

Nov'15

Jan'16

Mar'16

May'16

51%

40% 10%

12%

16%

Jan'14

Mar'14

May'14

24%

26%

23%

July'14

Sept'14

Nov'14

Jan'15

Penetration of Credit Insurance2 54% 45%

44% 35%

39%

41%

Sept'14

Nov'14

60%

June 58%

June 53%

21%

Jan'14

Mar'14

May'14

July'14

Jan'15

Mar'15

Penetration of Life Insurance3

14%

5%

5%

5%

6%

7%

Jan'14

Mar'14

May'14

July'14

Sept'14

9%

9%

9%

Nov'14

Jan'15

Mar'15

Source: Company, SUSEP Notes: 1 Considering the # of mortgage contracts sold 2 Considering the # of commercial credit contracts sold 3 Considering the number of active clients

16

Sept'15

June 14%

Recurring Revenues & Sustainable Growth Caixa Seguridade product portfolio, along its recurring revenues, provides sustainable long-term growth

An average of 70% of recurring revenues per product…

100%

Mortgage

close to

80%

Auto

nearly

60%

Life

more than

40%

P&C

more than

Mortgage insurance creates long term streams of revenue.

17

Resilient and Fast Growing Business Caixa Seguridade has proved to be a fast-growing and resilient business across different economic cycles. Net Income (R$ mm) Stabilization / Growth Period

2000 Crisis

CAGR: 39.2%

Subprime Global Crisis

CAGR: 9.4%

Growth: 19.2%

Stabilization / Growth Period

Current Environment

Growth: 13.5%

CAGR: 20.8%

1,051 136

907 106 722 63 604 39 487 429

915

366

801

307

157

188 307

89 46 46 2000

659

157

188

2004

2006

366

429

487

565

89 2002

2008

Caixa Seguros Holding

2009 Caixa Seguridade (Ex-BDF)

2010

2011

BDF

Source: Company Note: 1 Considers Caixa Seguridade’s pro forma results based on the financial statements of Caixa Seguridade Audited figures (Caixa Seguridade (Ex-BDF ) and BDF) 2 Considers Caixa Seguridade’s pro forma results based on the financial statements of Caixa Seguridade Audited figures (Caixa Seguridade (Ex-BDF ) and BDF)

18

2012

2013

2014

1

2015

2

Performance Indexes

Premiums, Contributions and Collections (R$ MM)

Net Margin (%)

Net Margin (%) HY2016

Return on Equity (%)

Return on Equity (%) HY2016

Operational Efficiency Index (%)

Operational Efficiency Index (%) HY2016

Caixa Seguros Holding

Bancassurance Distribution Fee

Pan Seguros and Pan Corretora

19

Growth Strategy

“Tem Mais Caixa” Program Expansion Plan

Banking Product

Insurance Product

Auto Financing

Auto Insurance

Credit Insurance

Construcard

Credit Insurance

Residential

Rural Credit

Rural Insurance

Premium Bonds

MCMV Financing

Life Insurance

Premium Bonds

FGTS Withdrawal

Life Insurance

Premium Bonds

Personal Credit

Credit Insurance

Corporate

Individuals

“Tem Mais Caixa” Cross Selling Strategy Banking Product

Insurance Product

Account Opening

Life (Corporate)

Pension (Corporate)

Working Capital

Credit Insurance

Multi-risk

Investment Financing

Credit Insurance

Multi-risk

RedeCard/Cielo Credentialing

Multi-risk

Distribution Channels Roll-Out Branches

ATMs

Teleservices

Internet Banking

Life Mortgage Auto insurance Residential Credit Insurance Pension

Premium Bonds XCap Fully implemented

Initial implementation

Growth opportunity

20

Not Avaliable

Banking Correspondents

A Leading Player in a Fast-Growing Sector

Insurance penetration levels at CAIXA‘s clients are lower than at its key competitors, allowing for strong sustained growth potential ahead.

CAIXA Seguridade is a leading multiline insurance platform in Brazil, poised to grow on the back of CAIXA‘s leading banking distribution platform.

CAIXA has recently re-focused its insurance operations through new sales initiatives, and has been growing above market ever since.

The fast growing brazilian insurance sector has been proven resilient to economic cycles, driven by low penetration levels.

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