Investor Presentaiton

2004 BRAZILIAN ECONOMY OVERVIEW 2005 Brazil | GDP Growth Annual GDP growth rate (% YoY) 5.7 4.0 6.0 bull 3.2 2006 2007 Source: Central Bank of Brazil (1) Forecast: International Monetary Fund (IMF) 2008 2009 2010 -0.2 2011 7.6 5.0 3.9 2012 2013 2014 1.8 2.7 -3.0 0.1 -1.0 2.3

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