Investor Presentaiton

BRAZILIAN ECONOMY OVERVIEW Portugal 19.8% Australia 19.9% Canada 20.0% Finland 20.4% 21.7% Germany Netherlands Fonte: Bureau of Labor Statistics; Conference Board (2013) Brazil | Labor Labor Benefits and taxes (% of total manufacturing labor costs) 22.2% Greece 23.1% United States 23.9% Hungary 23.9% Spain 25.8% Austria 26.0% Estonia 26.1% Czech... 26.5% Slovakia 27.1% Italy 29.0% Mexico 30.4% France 30.4% Sweden 30.4% Brazil Belgium 31.9% 32.2%

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