Investor Presentaiton

Where we are coming from: Current Account (as % of GDP) 2.5% 1.5% 0.5% -0.5% -1.5% -2.5% -3.5% -4.5% -5.5% 1 2 3 1Q94 4Q94 3Q95 2Q96 1Q97 4Q97 3Q98 2Q99 1Q00 4Q00 3Q01 2Q02 1Q03 4Q03 3Q04 2Q05 1Q06 4Q06 3Q07 2008 1Q09 4Q09 Source: Central Bank of Brazil DYNAMO Administração de Recursos.

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