Investor Presentaiton

Brazil | Openness of the economy Economic openness of Brazil (US$ billion and % of GDP) 600 500 400 300 200 100 30% 25% 374.3 21% 20% 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015¹ Openness of the economy Trade flow Source: MDIC (1) Forecast: FIESP and IMF Note: Openness of the economy is the ratio of country's total trade to the country's gross domestic product. BRAZILIAN ECONOMY OVERVIEW 15% 10%

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