Investor Presentaiton

Brazil | Cost of capital and Industry Target interest rate (SELIC) and Industrial capacity utilization (NUCI) % change YoY 15 14 13 12 11 10 8 9676 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 NUCI Source: Central Bank of Brazil; National Confederation of Industry (CNI) BRAZILIAN ECONOMY OVERVIEW % of total installed 83.5 14.25 82.5 81.5 80.5 79.5 78.5 77.5 76.5 75.5 74.5 Apr-15 Jun-15 Aug-15 ⚫SELIC

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