Institutional Presentation

Institutional Presentation

SulAmérica and Industry

SULAMÉRICA A DIFFERENTIATED APPROACH Largest independent Brazilian insurer, leveraging strong brand reputation with a multiline model: One Stop Shop, cross selling premium products to a loyal customer base Leading market positions: 3 rd in healthcare and 4 th in auto insurance Client and relationship focus in value chain drive customer retention and reinforce quality branding Disciplined underwriting strategy focused on profitability SULAMÉRICA s PORTFOLIO MIX (9M15 R$ 13.0 billion) Pension 2.6% ASO 4.6% Asset Management 0.3% Savings Bonds 4.6% Life 2.4% Property & Casualty 2.9% Auto 20.4% Health & Dental 62.2% 3

MARKET PERSPECTIVES Underpenetration supporting growth in upcoming years REVENUE GROWTH IN ALL SEGMENTS (R$ billion) 12.4% 11.2% 258 13.3% 292 22 79 30 35 31 325 24 87 33 37 34 365 127 150 2012 2013 2014e 2015e Health Auto Other Property & Casualty Life Private Pension Savings Bonds Source: CNseg 4

SULAMÉRICA BUSINESS MODEL Key factors High levels of client retention: essential for multiline business model with cross selling opportunities >90% health client retention Large operational scale and customer loyalty contribute to supply chain bargaining power 7 million+ customers Strong sales force: 60% of the total independent brokers in Brazil 30,000+ independent brokers Successful broker incentive and training programs drive profitable business opportunities 25,000+ broker trainings 5

SULAMÉRICA HEALTH & DENTAL STRATEGY Cross selling, SME s growth and sector consolidation opportunities Health Management Claims Management Underwriting Management Partnership with world s reference (Healthways) in health and wellbeing Monitoring programs for patients with chronic diseases and complex cases Clear strategy, delivery of tools for wellness Acceleration of direct purchases of materials and drugs Second opinion protocols and medical board State-of-the-art medical audit tools Strong investments in IT tools Increasing number of procedures in packages Price readjustments to improve profitability Evaluation of regional portfolios Regular review of rates for new sales 6

DENTAL HEALTH HEALTH MARKET OVERVIEW Strong desire across all consumer segments for private health and dental assistance MARKET REVENUE (R$ Billion) INSURED MEMBERS (Million) 15.2% CAGR 4.8% CAGR MARKET SHARE (top 6) (% of Total Premiums Jun/15) 2.6% 4.2% 2.4% Bradesco 14.6% Amil SulAmérica 35.0 108.8 2006 2014 35.0 50.8 2006 2014 9.4% 11.7% 45% among top 6 players Unimed Rio Central Nacional Unimed Unimed BH 21.8% CAGR 3.4 17.0% CAGR 21.4 3.0% 3.0% Bradesco + Odontoprev 3.4% Amil 3.9% SulAmérica Intermédica Metlife 0.7 6.1 12.8% 36.8% Caixa Seguros 2006 2014 2006 2014 63% among top 6 players Source: ANS (2014 & Jun/2015) 7

HEALTH & DENTAL SEGMENT NUMBER OF HEALTHCARE & DENTAL OPERATORS MEDICAL INFLATION (INDIVIDUAL PLANS) VS. GENERAL INFLATION (%) 2,003 720-49% 1,013 377 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 17.7% 6.5% Healthcare operators Source: ANS (Jun/2015) Dental operators General Inflation (IPCA) Medical Inflation (VCMH) Source: IESS & IBGE. VCMH calculation represented by approx. 10% of the total beneficiaries in individual plans distributed in all regions of Brazil. 8

SULAMÉRICA AUTO STRATEGY Competitive pricing among premium brands, while focusing on profitability Strong relationship with brokers Additional distribution channels through bancassurance and retail partnerships SulAmérica Caminhão SulAmérica Auto Mulher Auto 0km SulAmérica Caminhão km rodado 24 hour assistance Specialized and innovative products Excellence in claims services Constant investment in IT to improve underwriting, quotations and back office services 37 CASAs (Concierge Auto Centers) Adds to customer satisfaction Customer notifies claim to call center Car is taken to CASA Customer drives off in rental car Vehicle is removed to body shop for repair Customer receives repaired vehicle at CASA Adds to customer loyalty higher than average renewal rate Lower repair costs 9

AUTO SEGMENT PENETRATION OF VEHICLES (Vehicles/ Population) INSURED FLEET (% of Fleet) 83% 96% 82% 58% 13% 78% Average total fleet age: 8.8 years 59% 42% 87% Average insured fleet age: 3.5 years 22% 28% 15% Brazil Argentina France Mexico USA 4% 18% Vehicles over 11 years old Vehicles 7 to 11 years old Vehicles 0 to 6 years old Uninsured fleet Brand new Vehicles Insured fleet 22% Total Brazilian Fleet Source: ANFAVEA Source: FenSeg/Denatran MARKET SHARE MAY/15 (% of Total Premiums) 20.3% 26.6% Porto Seguro + Itaú + Azul BB + Mapfre Bradesco 6.7% SulAmérica 8.4% 10.7% 12.1% 15.1% HDI Liberty Seguros Other 80% among the top 6 players Source: SUSEP 10

SULAMÉRICA SAVINGS BONDS Savings instruments with defined maturities and a possibility to win cash and other prizes SulAmérica is one of the largest players in Brazil Social mobility opens up opportunities to expand into retail segment Traditional: Payments made over a fixed period over which client may win cash prizes. Upon maturity of the savings bond, holders receive cash back. Incentive: Raffles associated with commercial promotional events linked to a company/product. Garantia de Aluguel (Rent Guarantee): traditional savings bond product that replaces co-signers and rent insurance in a landlordtenant business relationship. 11

SULAMÉRICA OTHER SEGMENTS Focus on profitability in operations Other Property and Casualty Repositioning and focus on profitable, lower risk lines Opportunities in massified insurance (residential, condominium, and differentiated small business products) Cross selling of massified lines through robust broker network Life Broad product portfolio for individuals, companies, and mass distribution Segment to benefit from rising income and middle class growth Strategic focus on SME s through cross selling in broker network Private Pension Repositioning and diversification of products Focus on alternative sales channels Targeting SME s growth Clients more likely to exhibit defensive behavior during economic decline (savings and fixed income investments) Asset Management Largest independent asset manager in Brazil Diversified product portfolio (fixed income, multi-strategy, equity and private equity) Focus in products with lock-up AMP1 very strong rating by Standard & Poor s for the sixth consecutive year 12

Financial Highlights

CONSOLIDATED FINANCIAL HIGHLIGHTS TOTAL INSURANCE PREMIUMS (R$ billion) 10.6 12.2 +10.7% 13.5 10.0 +14.3% 11.4 TOTAL LOSS RATIO (% of earned premiums) 74.4% -10 BPS 74.8% 74.9% 77.7% +130 BPS 76.4% TOTAL GROSS MARGIN (% of earned premiums) GENERAL & ADMINISTRATIVE EXPENSES RATIO (% of retained premiums) 15.2% -30 BPS 14.2% 13.9% 11.1% +150 BPS 12.6% +10 BPS +40 BPS 9.5% 9.2% 9.1% 8.9% 8.5% 14

CONSOLIDATED FINANCIAL HIGHLIGHTS (cont.) TOTAL ASSETS (R$ billion) TOTAL SHAREHOLDERS EQUITY (R$ billion) +8.0% +8.3% 14.3 16.7 18.7 20.2 3.3 3.6 4.0 4.3 2012 2013 2014 9M15 2012 2013 2014 9M15 NET INCOME & ROAE (R$ million) 15.1% 13.8% 14.4% 14.9% 17.7% DIVIDENDS & PAYOUT RATIO 30% 30% 30% 30% 483 480 +14.2% 549 +69.0% 429 138 137 157 36 15 254 2012 2013 2014 9M15 Dividends (R$ million) Payout ratio (%)

CONSOLIDATED KEY RATIOS COMBINED RATIO (%) INVESTMENT INCOME RATIO (%) -80 BPS +150 BPS 99.4% 98.8% 99.6% 101.8% 100.4% +100 BPS +30 BPS 5.4% 5.0% 5.1% 5.4% 4.0% OPERATING RATIO (%) +170 BPS DEBT AND LEVERAGE RATIO (R$ million / %) Indebtedness (R$ million) 2400.0 Leverage ratio (Debt/Shareholder s equity) 1900.0 +20 BPS 96.7% 1400.0 15% 14% 26% 20% 94.0% 94.8% 94.6% 95.0% 900.0 400.0 515 519 1,037 877 (100.0) 2012 2013 2014 9M15 16

SULAMÉRICA HEALTH & DENTAL INSURANCE PREMIUMS (R$ million) LOSS RATIO (% of earned premiums) 7,360 8,445 +13.8% 9,610 7,044 +14.9% 8,093 80.9% 81.2% 81.4% -20 BPS +190 BPS 85.0% 83.1% GROSS MARGIN (% of earned premiums) -30 BPS 12.8% 12.6% 12.3% 8.8% +190 BPS 10.6% MEMBERS (thousand) +7.1% -0.2% 2,816 2,668 2,662 2,630 2,497 270 246 265 264 241 194 213 225 202 205 524 626 608 726 590 320 354 400 386 425 1,187 1,229 1,187 1,184 1,202 Corporate/Affinity SME Dental Individual ASO 17

SULAMÉRICA - AUTO INSURANCE PREMIUMS (R$ million) LOSS RATIO (% of earned premiums) +6.9% +16.5% -30 BPS +160 BPS 2,287 2,803 2,997 2,283 2,659 64.7% 59.7% 60.0% 61.3% 59.7% GROSS MARGIN (% of earned premiums) INSURED FLEET (Vehicles - thousand) 16.0% 18.6% -180 BPS 16.8% 15.6% +120 BPS 16.8% 1,400 +7.7% +9.3% 1,767 1,647 1,618 1,530 18

SULAMÉRICA SAVINGS BONDS COLLECTIONS* (R$ million) RESERVES (R$ million) -15.1% -19.3% +54.5% 2,059.3 1,656.2-64.1% 790.4 671.0 781.2 630.0 1,332.6 593.8 2013 2014 9M14 9M15 2013 2014 9M14 9M15 OPERATING INCOME* (R$ million) +44.7% 58.4-50.8% 40.3 46.7 23.0 2013 2014 9M14 9M15 *The total savings bonds figures for 2013, refers to the period from May through December, when SulaCap began to be consolidated in SulAmérica s results. In order to facilitate comparisons between periods, total pro forma collections for FY2013 were R$ 1,884.2 million, which would have implied a growth of 9.3%. 19

SULAMÉRICA OTHER P&C INSURANCE PREMIUMS (R$ million) LOSS RATIO (% of earned premiums) -9.3% +110 BPS -10 BPS 485 552 500-1.7% 385 378 44.5% 54.9% 53.8% 53.1% 53.2% GROSS MARGIN (% of earned premiums) SEGMENT BREAKDOWN 9M15 (% of total premiums) 37.8% -110 BPS +30 BPS 27% 20% Marine Massified 22.4% 21.4% 22.0% 22.4% 21% 31% Property Other 20

SULAMÉRICA LIFE & PRIVATE PENSION LIFE INSURANCE PREMIUMS (R$ million) PRIVATE PENSION CONTRIBUTIONS (R$ million) +11.9% -1.5% 481 437 489-7.2% 484 418 412 +2.7% 369 342 304 312 LIFE INSURANCE LOSS RATIO (% of earned premiums) PRIVATE PENSION RESERVES (R$ million) +12.7% +17.6% 45.1% +1180 BPS -350 BPS 56.7% 45.0% 47.6% 44.1% 3,740 4,054 4,569 4,376 5,146 21

SULAMÉRICA ASSET MANAGEMENT ASSETS UNDER MANAGEMENT (R$ billion) +14.9% +4.5% ASSET DISTRIBUTION THIRD PARTY (R$ 16.9 billion AUM) 26.2 24.7 28.4 27.6 28.8 9% 2% 17.3 15.3 17.7 17.3 16.9 Institutional Distribution Prestige 8.9 9.4 10.7 10.2 11.8 89% Proprietary Third-party ASSET MANAGEMENT INCOME (R$ million) ASSET ALLOCATION THIRD PARTY (R$ 16.9 billion AUM) 44.9 45.7-4.1% 43.8-8.0% 8% 11% Fixed-income and Private DI Multi-strategy 32.6 29.9 25% 55% Equities & Investment Clubs Other 22

SULAMÉRICA PROPRIETARY ASSET ALLOCATION INVESTMENT STRATEGY (ex-pension) INVESTMENT ALLOCATION (ex-pension) 0.4% 0.1% 6.3% 17.9% 0.4% 12.1% R$ 6.8 billion 81.0% R$ 6.8 billion 81.6% Floating interest rate (Selic/CDI) Fixed-rate Other Inflation-linked (IPCA) Equities Government Securities Private Securities Equities 23

Appendix

INDUSTRY OVERVIEW Brasil: underpenetration in all insurance lines PRIVATE HEALTHCARE: 50.3 million (% of total population) DENTAL 21.9 million insured lives (% of total population) 25% Insured Uninsured 11% Insured Uninsured 75% 89% Source: ANS Sep/2015 Source: ANS Sep/2015 AUTO INSURANCE: 16.8 million insured vehicles (% of total fleet) HOMEOWNERS INSURANCE 7 million insured homes (% of total homes) 22% Insured Uninsured 14% Insured Uninsured 78% 86% Source: FenSeg/Denatran 2012 Source: CNSeg Dec/2012 25

KEY MILESTONES History of innovation and sustainable growth SulAmérica expands to auto and other P&C lines ING buys Aetna s stake and becomes an associate of SulAmérica Acquisition of SulaCap SulAmérica & Healthways form joint venture in health and well-being SulAmérica enters the health business with ASO operations SulAmérica starts its asset management operations Acquisition of Dental Plan ING sells remaining 10.0% stake through block trade to the market 1895 1929 1970 1987 1996 1997 2001 2007 2010 2013 2014 2015 SulAmérica is founded as a life insurance company in Brasil SulAmérica begins its private pension operations SulAmérica & Aetna International form joint venture SulAmérica raises R$775 MM in IPO ING sells 7.8% stake to IFC and 14.9% to Swiss Re SulAmérica sells the large risks portfolio to AXA Corporation SulAmérica transfers part of the mortgage insurance portfolio to Pan Seguros 26

CURRENT SHAREHOLDING STRUCTURE SULASA 100.0% Free float total (3) 70.6% Related Persons SULASAPAR IFC SWISS RE Other (1) 2.2% 25.2% (2) 7.8% 1.9% 49.9% BEST PRACTICES OF BM&FBOVESPA - LEVEL 2 100% tag-along rights for all shareholders 5 out of 10 board members (50%) are independent Role of Board of Directors supported by 5 statutory committees (Audit, Investment, Compensation, Governance and Disclosure, and Sustainability) Management compensation fully aligned with shareholders long-term view. (1) Treasury, management and free float shares (2) Equivalent to 50.3% of the total voting shares (3) Total free float excludes Sulasapar, treasury, related persons, board of directors, and management 27

SUSTAINABILITY 2008 Adoption of GRI guidelines for annual reporting 2009 Company joins Sustainability index of BM&FBovespa for the first time SulAmérica Investimentos engages with PRI 2010 1 st GHG Emissions Inventory 2012 SulAmérica becomes a Global Compact signatory and a GRI OS member SulAmérica joins UNEP-FI and is one of the founding signatory companies for the PSI 2014 SulAmérica revises its Stakeholders Map and approves Stakeholders Engagement Policy Initiates Environmental Management & Climate Change Program 2009 2009 2011 2013 Creation of the Sustainability Committee and Corporate Sustainability area Support to water-based paint in auto Online, paperless billing for health, electronically certified transactions Sustainability Committee reports directly to the Board of Directors SulAmérica approves its Corporate Sustainability Policy Approves its Sustainability Strategy Initiative 28

DISCLAIMER This material is a presentation of general background information about Sul América S.A. ("SulAmérica") as of the date of the presentation or as otherwise indicated. It is information in summary form and does not purport to be complete. It is not intended to be complete nor relied upon as advice to potential investors and does not form the basis for an informed investment decision. This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein. This presentation may contain statements that are forward-looking. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of SulAmérica and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. No person has any responsibility to update any such information. 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. 29

Investor Relations +55 21 2506-9111 ir@sulamerica.com.br www.sulamerica.com.br/ir Version: October/2015