Investor Presentaiton

BRAZIL: ECONOMIC AND POLITICAL SCENARIO A challenging set-up in spite of favourable conditions Selected indicators1 - - % Brazil OECD Modest growth due to tighter monetary and fiscal policies, weak external demand, low levels of investment and infrastructure bottlenecks; Brazilian environment GDP Growth 10 5 Inflation 10 6,5% 1,8% 2,3% 2,6% 5,4% 5,1% 5 1,8% 1,6% 1,9% • 1,4% 0,3% -0,7% -5 0 2010 11 12 13 14 15 2016 2010 11 12 13 14 15 2016 Unemployment rate Fiscal balance 10 7,3% 7,0% 6,8% 5 0 -3,9% -3,4%- 5 4,7% 5,1% 5,4% 0 -5 -10 -3,9% -3,1% -3,0% 2010 11 12 13 14 15 2016 2010 11 12 13 14 15 2016 Gross public debt currently at R$ 1,38 trillion -25% of GDP Sources: Datafolha Survey - March 18th, 2015 Democracy Quality, but scarce workforce Abundant mineral resources • Public demonstrations Low government approval Corruption scandals • Energy crisis Water shortage 4

View entire presentation