Investor Presentaiton

Brazil | Current Account Current account evolution (as % of GDP) 0.75 1.76 1.58 1.25 0.11 -1.49 -1.71 -2.2 -2.12 -2.41 -3.62 -4.05 -4.19 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Central Bank of Brazil (1) Forecast: IMF Nota: Current account consists of regular transactions with the rest of the world 2012 2013 2014 20151 BRAZILIAN ECONOMY OVERVIEW

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