Commercial Exchange Rate

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Commercial Exchange Rate Real (R$) / US dollar (US$), daily report R$ / US$ 4.5 4 3.5 3 2.5 2 1.5 1 25 26 27 28 29 2 211 212 213 214 215 216 Source: Central Bank of Brazil (Banco Central do Brasil, Sistema Gerenciador de Séries Temporais).

Total merchandise trade US$ billions 3 2 Exports Trade balance - -2-3 Imports 2 21 22 23 24 25 26 27 28 29 2 211 212 213 214 215 Source: United Nations Commodity Trade Statistics Database

Top export commodities by traded products US$ billions 35 3 25 32.5 213 2 22.8 21. 215 15 14.1 13. 11.8 11.8 5 Soybeans Iron ore Crude oil Raw sugar Poultry meat Soybean meal 7.6 7.2 6.4 6.8 5.8 6.3 4.6 5.6 5. 3.8 4.1 4.5 4. 5.5 3.4 Coffee Corn (maize) Planes, helicopters and spacecrafts Frozen beef Cars Source: United Nations Commodity Trade Statistics Database, HS92 213-215, 4-digit heading of Harmonized System 1992.

Top commodities by traded category in 214 US$ billions 12 1.3 Exports 8 6 4 Imports 6.3 6.9 65.2 75.3 2 26.7 28.5 29.9 Raw materials Intermediate goods Consumer goods Capital goods Source: United Nations Commodity Trade Statistics Database, Product categories.

Brazil s top export partners are China, U.S. and Argentina Total export trade flow by partner US$ billions 5 China 4 3 U.S. 2 Argentina 25 26 27 28 29 2 211 212 213 214 Source: WITS (World Integrated Trade Solution), The World Bank.

BRICS: Annual GDP growth Percent 15 India Brazil China 5 South Africa -5 Russia - 24 25 26 27 28 29 2 211 212 213 214 Source: World Development Indicators, The World Bank.

BRICS: Annual GDP growth Percent 15 India Brazil China 5 South Africa -5 Russia - 24 25 26 27 28 29 2 211 212 213 214 Source: World Development Indicators, The World Bank.

Economic activity and commodity pricing Brazil Economic Activity Index, Iron Ore Index and Crude Oil Futures US$ dollars / traded unit 21 181 161 141 121 1 81 61 41 21 1 Brazil Iron Ore Oil Percent 24 25 26 27 28 29 2 211 212 213 214 215 216 15 5-5 - Source: Bloomberg terminal.

BRICS: GDP per capita GDP per capita based on purchasing power parity (PPP), constant 211 international dollars Thousands 25 2 15 Brazil Russia South Africa 5 China India 24 25 26 27 28 29 2 211 212 213 214 Source: World Development Indicators, The World Bank.

Latin America top GDP per capita economies GDP per capita based on purchasing power parity (PPP), constant 211 international dollars Thousands 25 2 Chile Uruguay Venezuela 15 Brazil Mexico Colombia 5 24 25 26 27 28 29 2 211 212 213 214 Source: World Development Indicators, The World Bank.

Latin American economies with highest GDP per capita GDP per capita based on purchasing power parity (PPP), constant 211 international dollars Thousands 25 2 Chile Uruguay Panama Venezuela 15 Brazil Mexico Colombia 5 24 25 26 27 28 29 2 211 212 213 214 Source: World Development Indicators, The World Bank.

Gini coefficient for income distribution Country ranking and Gini Index 213 Country Ranking Gini Sweden 1 25 Ukraine 2 25.6 Norway 3 25.8 Slovakia 4 26 Belarus 5 26.5 Country Ranking Gini United States 83 4.8 Venezuela 44.8 Uruguay 1 45.3 Mexico 6 47.2 Chile 121 52.1 Brazil 126 54.7 Colombia 127 55.9 Source: World Development Indicators, The World Bank.

Perceptions of public-sector corruption Country ranking and Corruption Perceptions Index (CPI) 215 Country Ranking CPI Denmark 1 91 Finland 2 9 Sweden 3 89 New Zealand 4 88 Netherlands 5 87 Norway 5 87-9 -19 2-29 3-39 4-49 5-59 6-69 7-79 8-89 9- Highly corrupt Very clean Country Ranking CPI United States 16 76 Uruguay 21 74 Chile 23 7 Brazil 76 38 Colombia 83 37 Mexico 95 35 Argentina 7 32 Venezuela 158 17 Source: Corruption Perceptions Index 215, Transparency International.

Jan-97 Sep-97 May-98 Jan-99 Sep-99 May- Jan-1 Sep-1 May-2 Jan-3 Sep-3 May-4 Jan-5 Sep-5 May-6 Jan-7 Sep-7 May-8 Jan-9 Sep-9 May- Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 Jan-15 Sep-15 Jan-97 Sep-97 May-98 Jan-99 Sep-99 May- Jan-1 Sep-1 May-2 Jan-3 Sep-3 May-4 Jan-5 Sep-5 May-6 Jan-7 Sep-7 May-8 Jan-9 Sep-9 May- Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 Jan-15 Sep-15 Brasil Plural Uncertainty Index and Investment 6 Uncertainty 6 4 4 2 2 Investment YoY (RHS reversed) -2 Percent -2 - - 98 98 96 BPEUI BPEUI Investment YoY% (RHS, reversed) 96 94 BPEUI Investment YoY% (RHS, reversed) 94 92 2 2 3 3 92 Source: Brasil Plural

Industrial Production Downward Spiral 213 214 215 Source: IBGE, Brazil Plural.

Jan- Jul- Jan-1 Jul-1 Jan-2 Jul-2 Jan-3 Jul-3 Jan-4 Jul-4 Jan-5 Jul-5 Jan-6 Jul-6 Jan-7 Jul-7 Jan-8 Jul-8 Jan-9 Jul-9 Jan- Jul- Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Inflation and Selic Rate Percent 3 25 2 15 IPCA YoY Selic rate 5 Source: IBGE, BCB IPCA YoY (%) Selic rate (%)

22 23 24 25 26 27 28 29 2 211 212 213 214 215 216F 217F Fiscal Policy Primary Budget as % of GDP Percent 4.5 3.5 Primary Budget (% of GDP) Public sector Recurrent 3.13. 2.5 1.5 2.4 2. 1.9 1.1.5 -.5-1.5-2.5 -.6 -.8-1. -1.4-1.7-1.9-1.9-2.1 Source: BCB, Brasil Plural. Our measure of recurrent primary budget excludes extraordinary revenues, Public sector primary budget (% of GDP) Recurrent primary budget (% ofgdp) such as concessions, Refis program and dividends payments above the historical average, and extraordinary expenditures, such as the CDE transfers.

Fiscal Policy Public debt as % of GDP Public debt (% of GDP) Percent 9 8 74 8 7 6 5 4 3 Net Debt Gross Debt 52 51 38 35 32 54 31 52 33 57 36 66 43 46 2 26 27 28 29 2 211 212 213 214 215 216F 217F Source: BCB, Brasil Plural