#1CAIXA Caixa Econômica Federal Investor Presentation October 2017#2Disclaimer The material that follows is a presentation of general background information about Caixa Econômica Federal (the "Company") as of the date of the presentation. The information contained herein is in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. The presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made as to, and no reliance should be placed on future financial performance, or the fairness, validity, accuracy, or completeness of the information, statements or opinions contained herein, including in relation to, statistical data, predictions, estimates or projections contained in this presentation, which are used for informational purposes only. Any opinions or information expressed in this material are subject to change without notice and the Company is not under obligation to update or keep current the information contained herein. The Company, the Agents and their respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. This presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned not to rely on forward-looking statements and that any such forward-looking statements are and will be, as the case may be, subject to several risks, uncertainties and factors relating to, among others, general and economic conditions in Brazil and other countries and to the operations and business environments of the Company, which may cause the actual results of the Company to be materially different from any future results expressed or implied in such forward-looking statements. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to the Company's management, the Company cannot guarantee future results or events. The Company expressly disclaims a duty to update any of the forward- looking statements. This material is only being distributed to and is only directed at (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This material is directed only at relevant persons and must not be acted upon by persons who are not relevant persons. Any investment or investment activity to which this material relates is available only to relevant persons and will be engaged in only with relevant persons. You should consult your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem necessary, and you must make your own investment, hedging or trading decision based upon your judgment and advice from such advisers as you deem necessary and not upon any view expressed in this material. This material has been prepared solely for informational purposes and is not to be construed as an offer, or invitation, or solicitation of an offer to buy or sell any securities. Neither this material nor anything contained herein shall form the basis of any contract or commitment whatsoever. 2#3AGENDA CAIXA CAIXA CAIXA Overview Business Positioning & Strategy Financial Highlights & Operating Results CAIXA Current and Prospective Capital Position 3#4CAIXA at a Glance Highlights Largest fully-government owned bank in Latin America, controlled by the Brazilian National Treasury Established in 1861 by Brazilian Federal Law Exclusive Agent managing social security benefit funds¹ X Major Agent of Federal Government policies Largest Mortgage and Savings bank in Brazil Largest Brazilian bank by credit portfolio Balance Sheet Total Assets Loan Portfolio Total Deposits Profitability and Productivity Net Income ROE ROA Efficiency Ratio Total Capital Ratio Total Loan Delinquency Rate² 1H17 R$1.3 trillion R$ 716 billion R$ 529 billion R$ 4,074 million 9.02% 0.46% 50.90% 14.42% 2.51% Issuer Credit Ratings MOODY'S Ba2 (neg) STANDARD BB (neg) & POOR'S Fitch Ratings BB (neg) Source: Caixa Econômica Federal 1 Includes FGTS: Fundo de Garantia do Tempo de Servico (Severance Pay Fund) and PIS: Programa de Integracao Social (Social Integration Program Fund) 2 Over 90 days +5,500 municipalities +4,200 branches +10,500 3rd party sales outlets +13,000 Lottery outlets +84.1 million clients R$2.2 trillion in total AuM 4#5CAIXA Main Highlights A systemic institution, with leadership position in the Brazilian banking sector By Total Assets In R$ billion 1.448 1.446 1.276 1.189 884 683 161 119 102 70 Itaú BIGPactual BNDES Safra Banrisul By Deposits In R$ billion 529 448 396 262 180 Source: Banks; Caixa Econômica Federal 1- Includes others credits Itaú 44 30 16 By Total Loans¹ In R$ billion 716 643 552 494 346 257 By Savings Deposits In R$ billion 261 As of June, 2017 78 47 31 11 | Itaú BTGPactual Banrisul BNDES Safra 151 110 96 Itaú Banrisul BANCOOB Safra |G= 37 8 3 2 BANESTES Banrisul Safra 5#6CAIXA's Key Business Activities Leadership position in Key Business Activities MORTGAGE LENDING R$ 421.4 billion 68.1% market share ASSET MANAGEMENT R$ 313.5 billion 8.1% market share INFRASTRUCTURE R$ 79.9 billion COMMERCIAL LENDING R$ 182.7 billion 10.6% market share As of June, 2017 CLIENTS & ACCOUNTS 84.1 million clients 24.8 million current accounts ACHOU LOTTERY OPERATOR Loterias CAIX 1st SAVINGS DEPOSITS R$ 261.3 billion 38.7% market share PAYING AGENT OF SOCIAL BENEFITS Source: Banks; Caixa Econômica Federal R$ 6.2 billion raised in 1H17 R$ 606 million income from services R$ 14.2 billion in 1H17 R$ 367 million income from services 6#7Total Assets Profile We are Brazil's Leading Mortgage Lender Total Assets In R$ billion 5.2% Breakdown of Loan Portfolio (%) 1.255 1.276 1.203 1.214 3% 4% 5% 4% 4% 1.065 216 216 10% 10% 209 204 11% 11% 11% 172 149 159 16% 14% 13% 13% 12% 133 137 120 14% 181 182 181 185 15% 15% 15% 14% 168 679 709 692 716 56% 57% 57% 57% 59% 605 2014 2015 2016 1H16 ■Loan Portfolio Securities Interbank Other Assets Source: Caixa Econômica Federal 1H17 2014 2015 2016 1H16 1H17 ■Housing ■Individuals Corporate Infrastructure Others 7#8Loan Portfolio Overview Our concentration in high quality business segments allow us to have a low-risk Portfolio Loan Portfolio In R$ billion 3.5% 709.3 679.5 691.6 715.9 605.0 2014 2015 2016 Market Share (%) 20.9 19.8 22.8 22.4 21.8 2014 2015 2016 1H16 1H17 Source: Caixa Econômica Federal 1H16 1H17 Breakdown by Duration (%) As of June, 2017 7% 3% 16% 4% Concentrated in low risk loans As of June, 2017 59% 5% 16% 11% 9% 68% Up to 1 year ■ Housing ■1-2 year 6% ■ 2-3 years ■Large Corporate Others Payroll Deductible ■Infrastructure 3-5 years ■ 5-6 years 36% 26% ■ 6-7 years Over 7 years 8#9Funding Strategy Our business profile allows us to access attractive sources of funding Sources of Funding As of June, 2017 Total Cost of Funding (CDI1 %) 100% 90% 80% 70% 60% 50% Dec-08 Jun-09 Dec-09 Jun-10 Source: Caixa Econômica Federal 1 Interbank Deposits Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 9% 3% 22% 25% 8% 6% 26% ■ Savings deposits Onlendings Repo own portfolio ■ Time deposits ■ Demand deposits ■ Mortgage linked notes Other Liabilities Cost of Funding CAIXA vs. CDI 8% Average Cost: 71,8% Jun-17 0% 4% Dec-08 60-un 16% 12% Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 CDI Cost of Funding CAIXA Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 9#10Funding Stability Savings Deposits In R$ billion 9.0% 261.3 252.4 242.4 239.7 236.8 2014 2015 2016 1H16 1H17 Demand Deposits In R$ billion 27.0 27.4 2014 31.9 Time Deposits - CDB¹ In R$ billion 16.2% 136.5 118.8 106.9 89.6 2014 2015 Local and International Notes In R$ billion As of June, 2017 138.1 2016 1H16 1H17 -11.4% 13.9% 169.4 164.0 154.1 145.3 137.7 30.3 26.6 2015 2016 1H16 1H17 2014 2015 2016 1H16 1H17 Source: Caixa Econômica Federal 1 Certificate of Deposits 10#11Competitive Strenghths X Relationship with the Federal, State and Municipal Governments of Brasil Stable and Diverse Sources of Funding Housing Market Expertise Low Delinquency Rates Key Participant in Infraestructure and Environmental Development Financing Market Presence and Brand Recognition throughout all Regions in Brazil Government Policy Agent and Financial Services Provider to the Public Setor 11#12AGENDA CAIXA CAIXA CAIXA Overview Business Positioning & Strategy Financial Highlights & Operating Results CAIXA Current and Prospective Capital Position 12#13High Quality Credit Portfolio and Low Delinquency Rate We have a well provisioned balance sheet with low risk Provisions/Delinquency² - Coverage ratio 2.0x 1.8x 1.7x 1.7x 1.4x 2014 2015 2016 1H16 1H17 CAIXA vs. Market Delinquency Rates (%) Breakdown by Risk (%) – according resolution CMN 2.682/99 Position: 1H17 5% 6% 9% AA A B 51% 15% D E-H 13% 4.2% 3.8% 3.9% 4.1% 3.5% 3.5% 3.6% 3.3% 3.2% 3.3% 3.3% 2.9% 2.8% 2.9% 3.5% 3.4% 3.5% 2.8% 3.2% 2.5% 3.0% 2.6% 2.8% 2.7% 2.8% 2.8% 2.9% 2.6% Mar14 Jun 14 Sep14 Dec14 Mar15 Jun 15 Sep15 Dec15 Mar16 Jun 16 Sep16 Dec16 Mar17 Jun 17 Includes provision for other credits with credit granting characteristics 2 Over 90 days Market without CAIXA CAIXA Source: Banks; Caixa Econômica Federal 13#14Credit Portfolio Breakdown - Mortgage Lending Housing Lending Portfolio Growth In R$ billion 7.0% 421.4 406.1 384.7 393.7 340.4 2014 2015 2016 Market Share (%) 1H16 1H17 Delinquency Rate (%) 2.26% 68.3% 67.2% 67.0% 68.1% 1.85% 66.7% 1.70% 1.63% 1.64% Breakdown by Duration (%) As of June, 2017 9% 3% 48% Loan to Value (%) ■ Up to 5 year 40% ■5-6 year ■ 6-7 years ■ Over 7 years 74.0% 67.0% 67.0% 69.0% T 1 2014 2015 2016 1H16 1H17 2014 2015 2016 1H16 1H17 2014 2015 2016 1H17 Source: Caixa Econômica Federal 14#15Credit Portfolio Breakdown - Commercial Lending Commercial Lending Portfolio Growth In R$ billion 189.7 198.9 -6.6% 195.5 191.0 2014 2015 2016 Market Share (%) 10.2% 9.9% Breakdown by Type (%) 182.7 55% 45% ■ Corporate ■Individuals 1H16 1H17 Delinquency Rate (%) Breakdown by Duration (%) As of June, 2017 7.2% 6.2% 5.5% 5.4% 6.6% 6.0% 10.7% 5.1% 14% 10.6% 10.6% 4.6% 6.0% 5.7% 3.7% 4.5% 8% 2014 2015 2016 1H16 1H17 2014 2015 2016 1H17 Corporate Average Individuals Source: Caixa Econômica Federal 2% 8% 14% ■ Up to 6 months 6-12 months 9% 12-18 months ■18-24 months 24-30 months 30-36 months 44% ■ Over 36 months 15#16Credit Portfolio Breakdown - Infrastructure Infrastructure Lending Portfolio Growth In R$ billion 5.3% 78.6 79.9 75.9 70.9 56.7 2014 2015 2016 1H16 1H17 Delinquency Rate (%) 0.3% 0.8% 0.5% 0.4% 0.3% 2014 2015 2016 1H16 1H17 Source: Caixa Econômica Federal Breakdown by Duration (%) As of June, 2017 14,0% 25,3% ,1% ■ Up to 3 year Breakdown by Sector (%) As of June, 2017 - 3-6 year ■ 6-9 year Over 9 years 57,6% ■ Energy 3% 41% ■ Sanitation 6% 6% 8% 22% 14% Urban mobility Others Urban infrastructure ■Logistics Shipbuilding 16#17AGENDA CAIXA CAMA CAIXA Overview Business Positioning & Strategy Financial Highlights & Operating Results CAIXA Current and Prospective Capital Position 17#18Financial Overview Net Income In R$ billion 3.8 5.2 7.1 7.1 6.7 5.6 Operating Profit In R$ billion 6.6 5.2 69.2% 4.6 4.3 4.1 4.1 2.7 2.4 1.1 Gross Profit from Financial Intermediation In R$ billion 447.2% 24.1 21.4 21.3 39.2% 19.2 4.0 4.0 16.9 15.2 14.2 12.4 10.9 0.7 T T 2010 2011 2012 2013 2014 2015 2016 1H161H17 2010 2011 2012 2013 2014 2015 2016 1H16 1H17 2010 2011 2012 2013 2014 2015 2016 1H16 1H17 Net Interest Margin (%)¹ 5.1 4.9 4.3 4.3 4.2 4.1 4.1 4.2 3.9 2010 2011 2012 2013 2014 2015 2016 1H16 1H17 1The ratio values have been reprocessed, ensuring the comparability between the periods. Income from Services and Banking Fees In R$ billion 22.5 20.7 18.4 12.5% 16.4 14.3 12.6 12.2 10.5 10.9 Efficiency Ratios (%)² 66.1 61.4 60.5 58.9 53.7 53.7 53.6 52.1 50.9 T T 2010 2011 2012 2013 2014 2015 2016 1H16 1H17 2010 2011 2012 2013 2014 2015 2016 1H16 1H17 2Starting this period, the calculation formula of the Operating Efficiency Ratio was reviewed in order to allow a better comparison with the market, by excluding the operations of sales and transfers of assets. To calculate the ratio it was not considered the non recurring impact of R$ 560 million of the PDVE (EVDP - Extraordinary voluntary dismissal program), registered in the first half of 2017. Source: Caixa Econômica Federal 18#19Income From Services & Administrative Expenses A% Income From Services 2Q17 2Q16 1H17 1H16 2Q17/2Q16 A% 1H17/1H16 Current Accounts¹ 1,371 1,167 17.5 2,655 2,288 16.0 Credit 395 373 6.0 799 705 13.3 Agreements and Recovery 948 756 25.4 1,759 1,447 21.5 Credit and Debit Cards 651 586 10.9 1,289 1,221 5.6 Insurance² 46 58 (20.8) 93 71 31.1 Government Services 2,222 2,124 4.6 4,484 4,143 8.2 Asset Management 463 404 14.7 924 791 16.9 Others 114 109 4.8 226 204 10.6 Total 6,211 5,578 11.3 12,230 10,870 12.5 Administrative Expenses 2Q17 2Q16 A% 2Q17/2Q16 1H17 1H16 A% 1H17/1H16 Personnel Expenses³ (5,380) (5,040) Other Administrative Expenses Total (2,950) (2,986) (8,330) (8,026) 3.8 6.7 (10,704) (1.2) (5,778) (16,483) (10,061) 6.4 (5,865) (1.5) (15,925) 3.5 1 Includes banking fees 2 Includes only revenues for the use of CAIXA's branches. It does not consider equity income generated by Caixa Seguridade 3 In 1Q17, disregards the non recurring impact of R$ 560 million of the PDVE (Extraordinary Plan for Voluntary Resignation). 19#20Financial Ratios Return on Average Assets 0.74% 0.63% 0.51% 0.46% 0.33% 2014 2015 2016 1H16 1H17 Coverage Ratio of Administrative Expenses 70.47% 67.56% 67.77% 66.21% 63.92% 2014 PROFITABILITY Return on Average Equity COVERAGE 15.23% 11.38% 9.66% 9.02% 6.53% 2014 2015 2016 1H16 1H17 Coverage Ratio of Personnel Expenses 109.82% 107.25% 106.72% 104.85% 102.98% 2015 2016 1H16 1H17 2014 2015 2016 1H16 1H17 Source: Caixa Econômica Federal 20 20#21AGENDA CAIXA CAIXA CAIXA Overview Business Positioning & Strategy Financial Highlights & Operating Results CAIXA Current and Prospective Capital Position 21 21#22Capital Adequacy Ratios Capital Ratios Composition of Total Capital In R$ billion 14,42% 13,46% 13,54% 13,59% 12,78% 72.1 12,78% 76.7 13,46% 77.7 13,54% 79.0 13,59% 83.2 14,42% 10,50% 9,43% 9,47% 10,75% 8,76% 8,94% 8,97% 7,50% 6,63% 49.4 8,76% 53.8 9,43% 54.4 9,47% 52.0 8,94% 51.8 8,97% 6,00% 5,1% jun/16 sep/16 Total Capital ratio Common Equity Tier 1 (CET1) ratio Tier 1 ratio Risk Weighted-Assets (RWA) 1.214,0 dec/16 mar/17 jun/17 Total Capital - Regulatory Requirement CET1 - Regulatory Requirement Tier 1 - Regulatory Requirement 1.277,0 22.7 23.0 23.3 27.0 4,02% 4,03% 4,06% 4,65% 31.4 5,45% jun/16 sep/16 dec/16 mar/17 jun/17 ■Tier 2 ■Common Equity Tier 1 (CET1) Total Capital RWA Composition 46,4% 45,2% 563,8 576,9 95.7 16,6% jun/16 jun/17 Total Assets Risk Weighted-Assets (RWA) ......% RWA/TA Source: Caixa Econômica Federal 57.5 10,0% 10.9 1,9% ■RWA - Credit Risk (Loans) ■RWA - Credit Risk (Other Assets) ■RWA - Credit Risk (Securities) ■RWA - Operational Risk 31.1 5,4% 381.7 66,2% RWA- Market Risk 22 22#23Capital Adequacy Ratios (continued) Track record in generating organic capital and, when necessary, reducing dividend payments and/or raising capital from the market and its shareholder CAIXA reduced its dividend payout ratio from 87% in 2012 to 16.5% in 2016. Dividend Payout - Accrual Basis In R$ billion 88.3% 86.2% 87.5% 87.1% 81.0% 56.9% 34.5% 16.5% 7.1 7.2 6.7 0.0% 3.0 2.6 3.8 3.2 5.2 4.5 6.1 5.3 5.4 4.0 2009 2010 2011 2012 2013 2014 Net Income Dividends Source: Caixa Econômica Federal 2.5 2015 4.1 4.1 Capital Injections by the Brazilian National Treasury and Tier 2 Issuances In R$ billion 6,900 13,0 2,400 2,700 8,0 8,300 0.7 4,0 0.0 2,0 3,00 3,00 3,00 4,00 4,00 2016 1H17 2009 2010 2011 2012 2013 2014 2015 2016 1H17 ―% Dividends Common Shares increase Hybrid Instruments (subscribed by the Shareholder) Tier 2 Instruments 23 23#24CAIXA holds CET1 Capital in excess of requirements In % of RWAS • 16 14 12 10 08 80 06 90 CAIXA currently has a buffer of 297 bps above 2017 CET1 requirements 1.00 297bps 0.50 0.250 1.25 2.50 1.875 04 02 50 4.50 4.50 4.50 14.42 5.45 T2 ■CET1 DSIB Buffer CCB 8.97 00 00 2017 2018 2019 CAIXA Source: Caixa Econômica Federal and Banco Central do Brasil Pillar 1 min requirement - 24 224#25Capital Adequacy Planning - Recent Enhancements X Since 2016, CAIXA has been implementing thorough changes in its capital management process The whole 2017 forecast process was based on Risk Adjusted metrics (RAROC) RWA optimization through improvements in registration and control processes Weekly monitoring of CET1 by senior management Monthly update of the 36-month projection of the capital structure (considering stress scenarios) 25#26CAIXA 26