Investor Presentaiton

Brazil | Investment Outlook INVESTMENT IN INFRASTRUCTURE R$ billion - 2014 SECTORS 2010-2013 2015-2018 Percentage change Telecommunications 102 141 37.8% Social Infrastructure 53 87 64.6% Roads 62 80 29.1% Railroads 23 45 98.9% Ports 15 36 141% Airports 11 16 49.5% Total 457 598 30.8% Source: BNDES BRAZILIAN ECONOMY OVERVIEW

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