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2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E 2019E 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Economia Mundial Crescimento do PIB Mundial 5.2% 3.9% 3.2% 2.8% 3.4% 3.6% 3.4% 3.4% 3.3% 3.3% EUA 2.5% 1.8% 2.8% 1.9% 2.8% 3.1% 2.6% 2.2% 2.0% 2.0% Zona do Euro 2.0% 1.5% -0.6% -0.4% 1.1% 1.5% 1.6% 1.8% 1.6% 1.5% Japão 4.7% -0.4% 1.4% 1.5% 1.1% 1.3% 1.2% 1.1% 1.1% 1.1% China 10.4% 9.3% 7.8% 7.7% 7.2% 7.2% 7.1% 6.9% 6.8% 6.6% CPI EUA 1.4% 3.0% 1.8% 1.5% 2.0% 2.1% 2.1% 2.1% 2.1% 2.1% Brasil Setor Externo e Taxa de Câmbio BRL / USD Nominal – final de período 1.69 1.84 2.08 2.36 2.55 2.55 2.56 2.59 2.58 2.52 BRL / USD – média do ano 1.76 1.68 1.95 2.16 2.46 2.55 2.55 2.57 2.58 2.55 Balança Comercial – USD Bil. 20 30 19 3 3 16 23 38 54 71 Exportações – USD Bil. 202 256 243 243 244 252 284 298 333 384 Importações – USD Bil. 182 226 223 241 241 236 260 260 279 314 Conta Corrente – % PIB -2.2% -2.1% -2.4% -3.7% -3.6% -2.9% -2.9% -2.7% -2.3% -1.8% Atividade Econômica PIB Nominal – BRL Bil. 3,770 4,143 4,392 4,838 5,192 5,635 6,137 6,678 7,263 7,893 PIB Nominal – USD Bil. 2,142 2,473 2,247 2,240 2,112 2,210 2,403 2,594 2,812 3,101 Crescimento real do PIB 7.5% 2.7% 1.0% 2.3% 1.4% 2.0% 2.8% 2.7% 2.6% 2.5% Inflação IPCA 5.9% 6.5% 5.8% 5.9% 6.2% 6.0% 6.0% 6.0% 6.0% 6.0% INPC 6.5% 6.1% 6.2% 0.0% 6.0% 6.0% 6.0% 6.0% 6.0% 6.0% IGP-M 11.3% 5.1% 7.8% 0.0% 6.4% 6.0% 6.0% 6.0% 6.0% 6.0% IPA-M 13.9% 4.3% 8.6% 0.0% 6.4% 6.0% 6.0% 6.0% 6.0% 6.0% Taxa de Juros Selic – final de período 10.75% 11.00% 7.25% 10.00% 11.00% 12.00% 12.00% 10.00% 9.00% 9.00% Selic – média do ano 10.00% 11.71% 8.45% 8.43% 10.92% 11.83% 12.00% 10.87% 9.17% 9.00% Taxa real de juros (SELIC/IPCA) – final de 4.57% 4.22% 2.47% 2.38% 4.40% 5.50% 5.66% 4.60% 2.99% 2.83% CDI – final de período 10.61% 10.86% 7.11% 9.85% 10.86% 11.86% 11.86% 9.87% 8.86% 8.86% TJLP – % Dez 6.00% 6.00% 5.50% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% Finanças Públicas Superávit Primário – % do PIB 1.9% 3.1% 2.4% 1.9% 1.3% 1.7% 1.7% 1.7% 1.7% 1.7% Superávit Nominal – % do PIB -3.3% -2.6% -2.5% -3.3% -4.4% -4.7% -3.9% -3.8% -3.4% -3.4% Dívida Líquida – % do PIB 39.2% 36.4% 35.3% 33.6% 34.8% 36.8% 36.4% 37.1% 37.6% 38.2%

Projecoes Macro Itau Bba Longo Prazo Mar14

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AnualCenrio de Longo Prazo20102011201220132014E2015E2016E2017E2018E2019E2020E20102011201220132014201520162017201820192020Economia Mundial

Crescimento do PIB Mundial5.2%3.9%3.2%2.8%3.4%3.6%3.4%3.4%3.3%3.3%3.3% EUA2.5%1.8%2.8%1.9%2.8%3.1%2.6%2.2%2.0%2.0%2.0% Zona do Euro2.0%1.5%-0.6%-0.4%1.1%1.5%1.6%1.8%1.6%1.5%1.3% Japo4.7%-0.4%1.4%1.5%1.1%1.3%1.2%1.1%1.1%1.1%1.1% China10.4%9.3%7.8%7.7%7.2%7.2%7.1%6.9%6.8%6.6%6.3% CPI EUACPI EUA1.4%3.0%1.8%1.5%2.0%2.1%2.1%2.1%2.1%2.1%2.1%Brasil

Setor Externo e Taxa de Cmbio BRL / USD Nominal final de perodo1.691.842.082.362.552.552.562.592.582.522.48 BRL / USD mdia do ano1.761.681.952.162.462.552.552.572.582.552.50 Balana Comercial USD Bil.20301933162338547186 Exportaes USD Bil.202256243243244252284298333384433 Importaes USD Bil.182226223241241236260260279314347 Conta Corrente % PIB-2.2%-2.1%-2.4%-3.7%-3.6%-2.9%-2.9%-2.7%-2.3%-1.8%-1.5%Atividade Econmica PIB Nominal BRL Bil.3,7704,1434,3924,8385,1925,6356,1376,6787,2637,8938,572 PIB Nominal USD Bil.2,1422,4732,2472,2402,1122,2102,4032,5942,8123,1013,431 Crescimento real do PIB7.5%2.7%1.0%2.3%1.4%2.0%2.8%2.7%2.6%2.5%2.4%Inflao IPCA5.9%6.5%5.8%5.9%6.2%6.0%6.0%6.0%6.0%6.0%6.0% INPC6.5%6.1%6.2%0.0%6.0%6.0%6.0%6.0%6.0%6.0%6.0% IGP-M11.3%5.1%7.8%0.0%6.4%6.0%6.0%6.0%6.0%6.0%6.0% IPA-M13.9%4.3%8.6%0.0%6.4%6.0%6.0%6.0%6.0%6.0%6.0%Taxa de Juros Selic final de perodo10.75%11.00%7.25%10.00%11.00%12.00%12.00%10.00%9.00%9.00%9.00% Selic mdia do ano10.00%11.71%8.45%8.43%10.92%11.83%12.00%10.87%9.17%9.00%9.00% Taxa real de juros (SELIC/IPCA) final de perodo4.57%4.22%2.47%2.38%4.40%5.50%5.66%4.60%2.99%2.83%2.83% CDI final de perodo10.61%10.86%7.11%9.85%10.86%11.86%11.86%9.87%8.86%8.86%8.86% TJLP % Dez6.00%6.00%5.50%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%Finanas Pblicas Supervit Primrio % do PIB1.9%3.1%2.4%1.9%1.3%1.7%1.7%1.7%1.7%1.7%1.7% Supervit Nominal % do PIB-3.3%-2.6%-2.5%-3.3%-4.4%-4.7%-3.9%-3.8%-3.4%-3.4%-3.5% Dvida Lquida % do PIB39.2%36.4%35.3%33.6%34.8%36.8%36.4%37.1%37.6%38.2%38.9%