Investor Presentaiton

660 set-06 70 80 set-07 90 100 set-08 Source: IBGE, FGV, Focus Report 140 130 120 110 set-09 set-10 set-11 Brazil Macro Macro remains challenging SELIC (benchmark rate) X Inflation 14,2% 13,8% 12% 10% 11,7% 10,9% 、 11,0% 10,7% 8% 9,9% 6% 7,3% 6,5% 6,4% 5,9% 5,8% 2011 2012 2013 2014 2015 2016E 2017E IPCA 4% 7,3% 2% 5,1% 0% -SELIC YE Consumer Confidence Index set-12 set-13 set-14 8,0% Dec, 2014 6,0% Optmist 4,0% 2,0% Pessimist 0,0% 81 (2,0%)- (4,0%) (6,0%) set-15 set-16 (8,0%) 90-un! jun-07 jun-08 jun-09 jun-06 jun-07 jun-08 10,0% Family Consumption Growth (YoY) jun-10 jun-11 jun-12 jun-13 jun-14 jun-15 jun-16 Dec, 2014 -5,0% 4 Unemployment Rate (%) jun-14 jun-15 jun-16 11,2%

View entire presentation