Investor Presentaiton

A growing middle class Growing middle class, in million people. 250 200 A/B - more 23 29 13 150 105 66 100 47 50 39 49 25 118 32 32 than USD 3,390.00 C - more than USD 786.00 D - more than USD 490.00 ■E - less than 0 17 USD 490.00 2003 2011 2014* (family's monthly income) Brazil will be the 5th largest consumer market in 2020, with a forecast of USD 18,8 trillion in household consumption, and will be among the top three markets of automobiles and motorcycles, food and beverage, clothing and cosmetics. Central Bank of Brazil. FGV projections Exame Magazine, McKinsey consulting firm, Ministry of finance.

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