Miguel Longo

Chief Financial Officer

Economic State & Development:

Macro-economy – Brazil

Gregory Marrufo

Vice President, Human Resources

Current Economy

o Weak GDP and High Inflation

o Brazilian Income

o Business Comportment

Labor Market

o Productivity

o Changes

o Diversity

Objectives

Source: BC Brasil, Focus Economics, Fazenda.gov, HIS – Global Insight, Niielsen, FecomercioSP

Brazilian macro-economic Scenario

(Data from 2001 to 2011)

Productivity is the factor in the economic growth of a country…

(Data from 2000 to 2008)

Productivity growth

University – age between 25 to 34

What needs to be done to change this scenario?

How productivity increases in a country?

Education

Smarter

More Efficienly

Breaking Paradigms

Redesign Work

Best Investment

(annual values in thousands dollars)

Multinationals are loosing their executives to Brazilian companies…

Executives in Brazil receive the highest salaries and bonus in the world...

727

456

The middle value about salaries…

(annual values in thousands reais)

Source: Revista Você RH – 15/05/2012 / 25/10/2012 / Grant Thornton