Institutional Presentation 2016

Transcription

1 1 Institutional Presentation 2016

2 I. GENERAL OVERVIEW II. BUSINESS ENVIRONMENT III IV. GROWTH OPPORTUNITIES 2

3 Cetip Overview Cetip is Latin America s largest depositary of private fixed income securities and Brazil s largest private asset clearinghouse. In addition, Cetip is the leading company in providing electronic delivery solutions of information required for the registration of vehicle financing contracts and restrictions by transit bodies. Highlights Leading position in its two business units: - Securities Unit: Brazil s leader in the registration, custody, trading and settlement of private fixed income securities and OTC derivatives, acting as a unique and integrated solution for those markets. It also has an electronic trading platform for the secondary public and private security market. Further, it carries out the processing of interbank transfers (DOCs) and settlement of electronic funds transfers (EFTs) and bank payment slips - Financing Unit: Offering an integrated private electronic system for the entry, by financial agents, of financial restrictions related to vehicle financing transactions, covering all of such registrations in Brazil, and the custody of such information. It develops products and services that guide the main stages linked to the vehicle financing cycle. These products and services speed up credit analysis and approval, making access to financing easier, faster and safer Main Financial Indicators R$ million CAGR Gross Revenue ,074 1,223 1,363 1, % Securities Unit , % Financing Unit % Adjusted EBITDA¹ % EBITDA Margin 73.7% 72.9% 71.8% 70.4% 70.2% 70.9% Adjusted Net Income² % Net Margin 50.0% 53.6% 55.4% 55.4% 55.5% 49.6% Net Debt (102) (164%) Net Debt / EBITDA 3 1.7x 1.0x 0.4x 0.2x 0.3x -0.1x Shareholder Structure 4 Business model with high predictability of revenues and costs, and low capex needs ICE 5 Board and Management Others Over 15 thousand clients use Cetip s services, among them financial institutions, investment funds, pension funds, brokerage firms, consortia, leasing and insurance companies 12.1% 0.2% 87.7% Listed on Novo Mercado since its IPO in Notes: (1) Adjusted EBITDA excludes share-based incentives and equity in the results of associate; (2) Adjusted Net Income excludes share-based incentive without cash disbursement, amortization of intangible assets from the acquisition of GRV and the tax benefit from the goodwill amortization; (3) Calculated based on the EBITDA of the last 12 months; (4) Position on December 29, 2016 (percentages exclude treasury shares); and (5) Intercontinental Exchange.

4 Cetip Overview Integrating Brazilian financial market, Cetip is Latin America s largest depository of private fixed income securities and Brazil s largest private asset clearing house; Complete solution for financial instruments, from the analysis of potential issuances, registration and custody until trading, settlement, risk management and market data; Leading company in providing electronic delivery solutions of information required for the registration of contracts and financial restrictions by transit bodies. Clients International Peers Financial Institutions; Mutual Funds; Pension Funds; Insurers and Consortia; Corporations; Brokerage Houses and Broker Dealers; Leasing Companies; Securitization Companies. 4

5 Cetip s Timeline 1986 Cetip starts its operations 1994 Beginning of OTC Derivatives registration Advent becomes a shareholder with a 32% stake - IPO and listing at Novo Mercado of BMF Bovespa Cetip s brand repositioning - ICE becomes a shareholder with 12% stake - Advent is no longer a shareholder Amendment of the company s bylaws, seeking to improve Cetip s corporate governance - Launching, in partnership with FNC, of the real estate appraisal platform Board of Directors and shareholders of Cetip and BM&FBovespa approve the terms for the merger of both companies (transaction awaiting regulatory approvals) Agreement with Anbima to operate SND (National System of Debentures) 2008 Demutualization process: creation of Cetip S.A Acquisition of GRV Solutions, which today represents the Financing Unit of Cetip. The acquisition was financed by the company s first issuance of debentures 2012 Cetip s shares are included in the IBOVESPA and IBrX-50 indexes 2015 Cetip Trader becomes Bacen s dealer splatform (Brazilian Central Bank) Cetip is established as a not-for-profit organization 5

6 Shareholder Structure IPO (Oct/2009) Current (Dec/2016) (1) Board 0.6% Santander 2.8% Bradesco 4.4% Itaú Unibanco 10.1% Other 55.6% Board + Management 0.2% ICE 12.1% Others 87.7% Advent 18.1% FEMCO 8.4% Individuals 2.7% Local Investors 38.0% Foreign Investors 59.3% Note: (1) Excludes treasury shares. 6

7 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 CTIP3 Performance Base CTIP3 vs. Ibovespa since IPO as of 12/29/2016 (Base /27/2009) CTIP3 LTM (Dec/2015 to Dec/2016) Volume R$ (million) % % CTIP % Ibovespa -5.4% Volume (R$ million) CETIP3 Ibovespa CTIP3 - Average Daily Traded Volume CTIP3 Average Daily Number of Trades (R$ million) (12 months rolling average) (12 months rolling average) 80 2,500 2, , , Source: Bloomberg

8 Cetip s Investment Thesis High exposure to growth in fixed income and credit markets Resilient, diversified and vertically integrated business model Strong cash generation with low execution risk and high predictability Asset light Dividend yield growth 8

9 Diversified Revenue Profile Revenue diversification by business unit and types of revenue 72.6% 2016 Gross Revenue: 27.4% R$ 1,545.9 million Transactions 15.2% Securities Unit Other 8.6% Registration 10.1% Market Data and Development of Solutions 18.6% Financing Unit: Other 0.5 % Monthly Utilization 20.2% CSD and Trade Repository Maintenance Fee 45.8% Revenues that depend on Stock 59.0% Types of Revenue: Other 41.0% Contracts System (Sircof) 41.9% SNG 38.9% Short term economical instability has little impact on revenues that depend on stock Business Units with No Correlated Risks 9

10 Strong Cash Generation, with Low Execution Risk and High Predictability High Operating Cash Generation + Low Investments Needs + Predictable Cost Structure 73.5% Operating Cash Generation 1 (R$ million): 79.6% 77.2% 74.2% % 84.1% , % % 43.5 CAPEX (R$ million) 6.2% % % 7.6% Adjusted Operating Expenses 2 (ex-d&a 3 ) (R$ million) 26.3% 27.1% 195, % Net Revenue 28.2% 29.6% 29.8% 29.1% Cost Structure with High Predictability (2016) G&A 11.5% Other 2.2% Outsourced % Net Revenue % Net Revenue Services Personnel 26.4% 59.8% 10 Notes: (1) Before tax expenses; (2) Excludes expenses with option program; (2) D&A Depreciation and Amortization.

11 Business Model: Securities Unit Registration of fixed income securities and OTC derivatives Central depository of fixed income instruments Registration and Maintenance DVP Settlement (deliver versus payment) Settlement processing Central depository of OTC derivatives Settlement Collateral management in bilateral transactions Collateral Management Negotiation Registration of all operations performed Mark to Market Trading platform for fixed income securities Unique and Integrated Solution for the Fixed Income and OTC Derivatives Markets 11

12 Business Model: Financing Unit Private Environment Public Environment Consumer Requests loan for vehicle financing Financial Institution Financial Institution Signs loan contract and provides credit Transit The transit and vehicle authority registers the finance contract 7 and Vehicle 3 5 Authority Issuance of the vehicle registration document (CRV) with lien after SNG query SNG query to check if there are any restrictions on the vehicle and insertion of pre-lien Contracts System Transmits contract information to be registered by the transit and vehicle authority Transit and vehicle authority verifies the pre-lien database to ensure the correct issuance of CRVs with liens, avoiding frauds 12

13 Business Model: Contracts System Transmission of information for vehicle financing contracts registration Market Share (2016) 73.6% Market-share Evolution RR AP 75.3% 75.4% AC AM RO MT PA TO DF MA PI BA CE RN PE PB AL SE 74.8% 73.9% 73.7% 72.8% 73.0% 73.2% 72.2% 72.3% 71.8% 74.5% GO MS MG ES SP RJ PR SC RS 13

14 More Solid Regulatory Environment for the Financing Unit National Transit Authority (Brazilian Central Bank) Financings in general: Resolution No 4.088/2012, as amended by Resolution No 4.399/2015 Vehicle Financings: Circular Letter No 3.616/2012, as amended by Circular Letter No 3.585/2013, as amended by Circular Letter No 3.596/2013 (effective since April 2013) Real Estate Financings: Circular Letter No 3.747/2015, as amended by Circular Letter No 3.767/2015, as amended by Circular Letter No 3.730/2015 (effective as of March 2017, as determined by Circular Letter No 3.793/2016) Letter No 67/2011 Resolution No 470/2013 Ordinance No 18/2014, as amended by Ordinance No 15/2016, as amended by Ordinance No 135/2016 Cetip has been accredited by DENATRAN to have access to its database for 5 years and has recently requested renewal of accreditation Cetip registers credit operations related to vehicles given as collateral 14

15 I. GENERAL OVERVIEW II. BUSINESS ENVIRONMENT III IV. GROWTH OPPORTUNITIES 15

16 4,00 0 3,50 0 3,00 0 2,50 0 2,00 0 1,50 0 1, % 50. 0% 40. 0% 30. 0% 20. 0% 10. 0% 0.0 % Credit Market is Still Expanding, but at a Lower Pace Credit Growth Credit Expansion in Brazil CAGR 08-16: 12.2% 30.7% 53.7% 52.6% 53.1% 54.5% 49.1% 49.3% 45.4% 40.5% 20.6% 18.8% 35.1% 15.1% 16.4% 14.7% 11.3% 6.7% 1,234 1,421 1,713 2,034 2,368 2,711 3,018 3,219 3, % Volume (R$ billion) % GDP Source: Brazilian Central Bank Note: (1) Credit growth compares Dec/16 vs. Dec/15 16

17 Vehicles Financing - Challenging Environment in 2016 Vehicle Acquisition Loans In the Period (thousands) % Credit Penetration: Vehicles Financing/ Vehicle Sales 7,950 7,857 7,685 6,809 6,949 6,758 6,393 4,461 3,920 3,815 3,541 3,359 3,241 3,233 3,489 3,268 3,937 3,870 3,590 3,517 3, % 5,312 4,654 2,973 2,914 2,339 1, % 72.3% 67.5% 67.3% 63.6% 64.2% 61.4% 58.3% 54.8% 55.6% 48.2% 47.6% 44.1% 39.7% 37.6% 34.5% 47.2% 38.1% 35.5% 32.7% 30.6% 28.2% 28.3% 25.9% 24.2% 22.3% 21.8% New Vehicles Used Vehicles Source: Fenabrave Vehicle Acquisition Loans Total Outstanding Source: Fenabrave % New Vehicles Financed / New Vehicles Sold % Used Vehicles Financed / Used Vehicles Sold % Total Vehicles Financed/Total Vehicles Sold Individuals Delinquency Ratio Vehicle Financing (R$ billion) CAGR 07-16: 6.3% % 10.4% 10.1% 9.3% % 9.1% 9.4% % 10.5% 10.3% 89.6% 89.5% 89.7% 90.9% 89.7% 89.6% 89.9% 90.7% 90.7% 90.6% 3.7% 5.2% 6.7% 7.1% 6.3% 5.7% 5.0% 4.4% Individuals Delinquency Avg Individuals Delinquency (Mar/11 - Dec/16) 5.2% 4.7% 4,6% 3.9% 4.2% 4.5% Source: SNG / Fenabrave Personal Loans Corporate Loans Source: Brazilian Central Bank 17 Note: (1) As of Dec/16.

18 % 8.0 % 7.0 % 6.0 % 5.0 % 4.0 % 3.0 % 2.0 % 1.0 % 0.0 % Real Estate Financing - Significant Room for Growth Mortgages for Individuals Total Outstanding (R$ billion) CAGR 07-16: 32.0% 8.4% 8.5% 7.8% 7.0% 5.8% 4.6% 3.5% % 2.6% % Personal Mortgages % GDP Source: Brazilian Central Bank

19 Expansion of Stocks of the Main Fixed Income and OTC Derivatives Assets Fixed Income Volume Stock 1 OTC Derivatives Volume Stock (R$ billion) CAGR 10-16: 9.9% CAGR 10-16: 25.8% (R$ billion) 4,996 2,828 4,137 4,433 9% 3,769 8% 3,454 8% 15% 3,182 14% 7% 11% 11% 1% 5% 8% 8% 15% 17% 7% 18% 11% 23% 21% 13% 19% 16% 17% 16% 23% 30% 16% 15% 8% 14% 11% 11% 16% 12% 40% 12% 33% 33% 34% 36% 29% 29% 427 8% 22% 584 6% 25% 69% 70% 848 1,034 8% 1,114 12% 2,047 32% 22% 5% 22% 29% 21% 74% 70% 58% 46% 1,693 37% 17% 46% Investment Funds Debentures CDB* DI ** Other Letra Financeira *Bank Deposit certificate ** Interbank Deposit Other Derivatives/Structured Notes Currency Forward Contracts Swaps 19 Source: Cetip 1 Fixed income stock includes Structured Notes

20 Slower Pace in the Debentures Market So Far Volume of Issuance * (R$ billion) 64,949 70,154 74,594 62,040 62,111 11,324 7,290 23,810 41,943 35, * non-leasing debentures Number of Issuance Number of New Issuers Source: Cetip 20

21 I. GENERAL OVERVIEW II. BUSINESS ENVIRONMENT III IV. GROWTH OPPORTUNITIES 21

22 Financial Highlights R$ million 4Q16 X 4Q X 2015 Gross Revenue % 1, % Securities Unit % 1,122.4 Financing Unit % % 2.7% Net Revenue % 1, % Adjusted EBITDA % Adjusted EBITDA Margin 70.4% 0.6 p.p. 70.9% 15.4% 0.7 p.p. Adjusted Net Income (cash earnings): % % Adjusted Net Margin 49.9% -4.5 p.p. 49.6% -5.9 p.p. 22

23 Gross Revenue - Securities Unit Securities Unit Gross Revenue Evolution Registration Revenues 1 (R$ million) (R$ million) +13.5% % % 1, Q15 3Q16 4Q CSD and Trade Repository Maintenance Fee Revenues 2 (R$ million) Securities Unit Revenue Breakdown in 4Q16 Transactions 15.8% Monthly Utilization 19.8% Other 8.6% Registration 10.3% Transactions Revenue (R$ million) CSD and Trade Repository maintenance fee 45.5% ,496 1,484 1,610 1, , Q15 3Q16 4Q Q15 3Q16 4Q Q15 3Q16 4Q Fixed Income Revenues OTC Derivatives Revenues Receita Renda Fixa Fixed Income Volume Receita Derativos/ COE OTC Derivatives Volume Volume Renda Fixa Volume Derivativos/ COE (R$ trillion) Volume Renda Fixa (R$ trillion) Volume Derativos/ COE Notes: 1. Registration: OTC Derivatives revenues include Other Registration Services revenues 2. CSD and Trade Repository Maintenance Fee Revenues: OTC Derivatives revenues include End Users Revenues Transaction Revenues Transactions/ Working day

24 Registration and Identification of CDB (Time Deposits) Circular Letter 3709 BEFORE 3709 AFTER 3709 Re-Pricing of CDB Products ORIGINAL PRICING NEW PRICING Registration: R$ 50 thousand Final Beneficiary Identification: R$ 1 million Registration and Final Beneficiary Identification: R$ 5 thousand Secondary market trades: R$ 0 Registration Fee (varies according to client group and CDB maturity) Registration Fee (single, simplified and does not vary according to CDB maturity) + Maintenance Fee (decreases by volume and charged according to permanency and not CDB maturity) CDB Stock CDB stock (R$ billions) % 58% 47% 38% 33% 25% 21% 88% 29% 42% 53% 62% 67% 75% 79% 12% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Before 3709 After Fonte: Cetip

25 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec ,023 1,293 1,236 1,276 1,251 1,399 1,493 1,441 1,512 1,535 1,388 1,430 1,400 1,405 1,464 1,450 1,559 1,421 1,480 1,534 1,565 1,648 Increase in Transactions Volume Average Daily Number of Transactions Average Price per Transaction +140% (thousand) (R$ per transaction) % Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 ORIGINAL PRICING PROPOSED PRICING Transaction tax during first business hours: Average of R$ Transaction tax during first business hours: R$ 0.37 Source: Cetip Shared economies of scale ~50% 25

26 Gross Revenue - Financing Unit Financing Unit Gross Revenue Evolution (R$ million) Financing Unit Revenue Breakdown in 4Q % +2.7% % 4Q15 3Q16 4Q SNG 37.4% Other 0.4% Market Data 20.3% Contracts System 41.9% Number of Vehicles Sold ( 000) Number of Vehicles Financed ( 000) Contracts System Market Share 17,366 16, % 26.6% 28.3% 30.6% 5, % 4, % 74.1% 75.1% 70.8% 73.6% 4,345 4,381 4,347 1,277 1,167 1,228 4Q15 3Q16 4Q Q15 3Q16 4Q Q15 3Q16 4Q Novos Usados New Used % Vehicles Usados Financed / Vehicles Sold Novos % Veículos financiados / veículos vendidos 26

27 Adjusted Operating Expenses, EBITDA and Net Income Adjusted Operating Expenses Evolution (R$ million) % +11.8% 1 Adjusted Operating Expenses Breakdown in 4Q16 Personnel 60.3% % 4Q15 3Q16 4Q Other 2.2% G&A 10.9% Outsourced Services 26.6% Adjusted EBITDA Evolution (R$ million) Adjusted Net Income Evolution (R$ million) 69.7% 71.4% 70.4% 70.2% % % 50.4% 49.9% 55.5% % Q15 3Q16 4Q Adjusted EBITDA EBITDA Margin % 4Q15 3Q16 4Q Net Income Net Margin % 27 Notes: 1. Excludes expenses with share-based incentive, depreciation and amortization 2. Includes expenses with board members and advisory committee

28 CAPEX CAPEX Evolution (R$ million) CAPEX Breakdown in 4Q % 7.9% 7.6% % 6.0% -53.3% % 97.9 Maintenance and Expansion of Capacity 36.2% 63.2% Product Development -14.9% 4Q15 3Q16 4Q CAPEX % CAPEX / Net Income 0.6% Offices Settlement 4Q16 Highlights Cetip s key projects: (i) Big Data; (ii) Cetip Trader; (iii) Contracts System; (iv) Depository; (v) Electronic Appraisal; and (vi) Real Estate Platform Highlights Cetip s key projects: (i) Big Data; (ii) CCP; (iii) Cetip Trader; (iv) Contracts System; (v) Depository; (vi) Electronic Appraisal; (vii) Liens on Financial Instruments and (viii) Real Estate Platform. 28

29 Strong Cash Generation Cash Flow From Operations¹ (% Net Revenue) (R$ million) Net Debt & Net Debt / Adjusted EBITDA (LTM) 88.5% 84.4% 84.6% 84.1% 80.0% , % % % Q15 3Q16 4Q Q15 3Q16 4Q16 Cash Flow % Net Revenue Net Debt % Net Debt / Adjusted EBITDA 29 Note: 1. Operational cash generation before income tax and social contribution and the allocation of excess cash for investment

30 Creating Value for Shareholders Dividends and IOC 4Q Interest on shareholder s capital R$ 29.4 million R$ million Proposed dividends R$ 98.6 million R$ million Total distribution R$ million R$ million % of Net Income 85.0% 85.0% Buyback Program Third Share Buyback Program: Valid from: March 2016 until March 2017 Approved limit: 3,200,000 shares, or 1.23% of total shares outstanding 30

31 I. GENERAL OVERVIEW II. BUSINESS ENVIRONMENT III IV. GROWTH OPPORTUNITIES 31

32 Securities Business Unit Funding Instruments and Depository CCP Central Counterpart for fixed income and COE Compliance with Resolution 3,709 and new products related OTC derivatives markets Cetip Trader + ICE Link Complete solution for trading and post trading of fixed income instruments Cetip Colateral Constitution of financial assets collateral for the financial market Cetip Certifica Seal that ensures the identification and actual registration of assets on behalf of the beneficial owner Funding instrument with profitability combining fixed and variable income to bank funding (Letra Imobiliária Ga-rantida and others) 32

33 Securities Business Unit: Client Centricity Project Keep all communication channels open to capture feedbacks and deploy them (loops) Invest to provide the best solution and service available for OTC market (e.g.: processes more efficient and safe) Identify the different types of Cetip s customers, segment them and prioritize them by representation on Cetip s revenue Client Centricity To draw superior relationship model, reflecting the defined prioritization, but never fail to meet other accounts (lower focus) 33

34 Securities Business Unit: CCP Expansion of Services Offered for OTC Derivatives Markets Negotiation Counterpart A Client Negotiation Counterpart B Client Clearing Clearing Member CCP Clearing Member Main features of CCP OTC Derivatives Segregated special equity Settlement fund Collateral management Monitoring of risk exposure Margin call Settlement Forward contracts of currency and indexes Flexible options of currency, stocks and indexes Swaps 34

35 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Securities Business Unit: Structured Notes COE Volume in Custody 1 (R$ Billion) % Market Share (2) Regulated Public Offer (Instruction CVM 569 dated 14/10/2015) What we expect: Issuance Volume Issuers Individual Investors Institutions 35 Notes 1. Assets deposited on the last business day of each period % market share in registration.

36 Financing Business Unit Real Estate Platform Insurance Cetip Contratos Product penetration expansion from the adhesion of Cetip Infoauto Pagamentos Automates and speeds up the process of vehicle financing Market Data Cetip Performance Cetip InfoAuto Análise Cetip Panorama Electronic Formalization Implementation of an electronic formalization flow for vehicle financing Automates the process of mortgage granting, integrating appraisers and financial market, and allow the expansion of services from the regulation of Resolution 4,088 Expansion of services for the insurance market new states 36

37 ACTUAL PROCESS Financing Business Unit: Electronic Formalization Project Multiplatform capture Extraction and electronic validation Alienation, contract registration and vehicle report Custody and post-sales Amendments Smartphone Tablet Data extraction Contract registration Charging Call Center Upload Scanner Dossier Lien Bank system Custody Digital Signature Collateral Vehicle appraisal report Collection Physical Custody Electronic Formalization: The platform processes the financing transactions electronically and automatically Recognition and electronic data extraction based on images Validation of the customer s documentation and collateral based on the proposed financing contract and public and private data bases Agility, standardization and security to the operations 37

38 Electronic Formalization Platform: Electronic Appraisal Report 1 Purchas of Financed Vehicle Upload The Report certifies the vehicle situation at the time of solicitation. Costumers Delivery of Vehicle Appraisal Report Report Electronic Formalization Platform 5 4 Vehicle Dealers Vehicle Appraisal Report Tablet Smartphone 2 Data Extraction Offers standardization and security for the financing market, as well as transparency for the end consumer at the time of purchase of the vehicle. This is Cetip s first product directed to the vehicle resale market and the first product that will be available for use by mobile app. Official databases Internal databases 3a Database consultation 3b Electronic Verification Verification of Liens Other external databases 38

39 Real Estate Platform Services Real Estate Financing - Units Major Projects (thousands) Solution for Central Bank's 4,088 resolution, normative that regulates the providing of information on real estate financing contracts (R$ billions) SBPE FGTS Real Estate Financing - Volume 68,1 58, , * ** 95,1 103, , , Electronic Registration Appraisal Platform Process automation in registration of financed real estate, digitally connecting financial institutions and notary offices Management platform for real estate appraisal processes - Appraisers allocation - Process monitoring - Robust record of real transactions SBPE FGTS * ** *SBPE - Brazilian System of Saving and Loans **FGTS - Brazilian Government Severance Indemnity Fund

40 Investor Relations Contacts Willy Jordan Marcela Souza Ciro Campanatti Filipe Scalco This presentation was issued by CETIP S.A. Mercados Organizados ( Cetip, Company ). Cetip is authorized to operate by the Brazilian Securities and Exchange Commission ( CVM ) and regulated by both CVM and Brazilian Central Bank. This presentation may include statements representing expectations about future events or results of Cetip. These statements are based upon projections and analyses which reflect present views and/or expectations of the Management of the Company with regards to its performance and to the future of its business. Risks and uncertainties related to the Cetip s businesses, to the competitive and market environment, to the macro-economical conditions and other factors described in Risk Factors in the Reference Form, filed with the CVM, may cause effective results to differ materially from such plans, objectives, expectations, projections and intentions. 40