Investor Presentaiton

In spite of the improvements in the past years, the obstacles to the productive sector persist. Tax Burden costs bureaucracy Labor Relations costs legislation Cost of capital Labor Skilled Labor Infrastructure: logistics + energy Pension CUSTO BRASIL The new face of terror The Economist Obama's Iran gambit The Breaking Bad school of business On the edge of the helium cliff E-cigarettes: don't stub them out Has Brazil blown it? A 14-page special repo Political System The Economist cover on September the 28th, 2013. BRAZILIAN ECONOMY OVERVIEW

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