BRAZILMay 2015

INTERNATIONAL SUPPORT KIT OF OPPORTUNITIES

ISKO Brazil

The Country's Economic Context

Industry Structure

International Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

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Business Environment and Key Factors

Business EnvironmentEase of doing business 120/189(Doing Business 2015 ranking)

Investor protection 35/189Cross-border trade 123/189Contract fullfilment 118/189

Economic Freedom 114/178(Economic Freedom 2014 ranking)

Competitiveness 57/144(Global Competitiveness Index 2014-2015 ranking)

Basic Requirements 83/144Infrastructure 76/144Institutions 94/144

Efficiency Enhancers 42/144

Innovation and Sophistication 56/144

Cosec (Risk group) 3Grade 1 (lowest risk) to 7 (highest risk)

Double Taxation Covention with Portugal Yes

Standard & Poor´s (Rating) (AAA rating (lowest risk) to D (highest risk, default))

Long term debt in local currency BBB+Long term debt in foreign currency BBB-Outlook Stable

Capital: Brasilia Official Language: PortuguesePopulation (Millions): 201.03 (2013) Area: 8 514.88 mil km2

Time Zone: UTC - 3 Currency: Real (BRL)Type of Government: Presidencialist Federal Republic Religion: Catholic majority (74%)Regional organization: 26 federated states and one federal district

AcrePorto Velho

Rondónia

AmazonasManaus

Boa VistaMacapá

Belém São Luiz

Roraíma Amapá

Pará

MatogrossoCuiabá

Palmas

Tocatins

MaranhãoTeresina

Brasilia - DF

Goiânia

Campo Grande

CuritibaSão Paulo

Matogrosso do Sul

São PauloBelo Horizonte

Paraná

Rio Grande do Sul

Porto Alegre

Santa CatarinaFlorianópolis

Rio de JaneiroRio de Janeiro

VitóriaEspírito Santo

Minas Gerais

BahiaSergipeAlagoas

PernambucoParaíba

CearáRio Grande do Norte

Salvador

AracajuMarceió

RecifeJoão Pessoa

Natal

Sources: IMF, World Bank, COSEC, Bloomberg, World Economic Forum, Global Heritage.

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2013 2014 2015E 2016E 2017E

Macroeconomic Indicators

GDPCurrent pricesEUR billion

GDP real growth ratePercentage

Unemployment RatePercentage of working population

Inflation RatePercentage

Exchange RateEUR/BRL

Current AccountPercentage of GDP

Fiscal BalancePercentage of GDP

E Estimates.Sources: BESI, Bloomberg.

1 800.1 1 771.2 1 730.8 1 801.6 1 845.4

2.7 0.1

-1.0

1.0 2.3

5.4 4.8 5.9 6.3 5.9

6.2 6.3 7.8 5.9 5.0

2.9 3.1 3.4 3.5 3.3

-3.4 -3.9 -3.7 -3.4 -3.3

-3.1 -6.2 -5.3 -4.7 -4.2

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International Integration

Sources: AICEP, NB.

MERCOSUL – Southern Common MarketSeeks to promote economic and social progress amongst member states, through the gradual formation of a Common Market.www.mercosur.int/

ALADI – Latin American Integration AssociationSeeks to gradually and progressively establish a Latin American market by means of the implementation of a Preferential Regional Tariff system. It comprises:Argentina, Bolivia, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Paraguay, Peru, Uruguay and Venezuela. www.aladi.org/

SELA – Latin American and the Caribbean Economic SystemComprising 27 Latin American countries, SELA seeks to accelerate economic and social development among member states through intra-regional cooperation and the establishment of a permanent system of consultation and coordination in relation to economic and social issues. www.sela.org/

CPLP – Community of Portuguese-Speaking CountriesComprising Portugal, Angola, Brazil, Cape Verde, Guinea-Bissau, Mozambique, Sao Tome and Principe and East Timor, it seeks to harmonize political and diplomatic relations in terms of international foreign policy, namely in the defence and promotion of common interests and in relation to specific issues, promote cooperation, particularly in economic, social, cultural, legal, technical and scientific fields, and implemente programs to promote and spread the Portuguese language. www.cplp.org/

Paraguay

Argentina Uruguay

Brazil

Venezuela

Bolivia

Chile

Colombia

Peru

Ecuador

GuyanaSuriname

Members Adhesion process Associated

The Country's Economic Context

Industry Structure

International Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO Brazil

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Sectoral Structure of GDP

GDP Breakdown by sector (2013) GDP Breakdown by State (2011)

Services represent over 68% of the Brazilian economy and the State of São Paulo over a third.

São Paulo; 32.6%

Rio de Janeiro; 11.2%

Minas Gerais; 9.3%

Rio Grande do Sul; 6.4%

Paraná; 5.8%

Santa Catarina;

4.1%

Distrito Federal; 4.0%

Bahia; 3.9%Goiás; 2.7%

Other, 20.2%Agriculture; 5.7% Mining; 4.1%

Manufacturing; 13.1%

Construction; 5.4%

Electricity, gas and water; 2.3%

Retail; 12.7%Transport,

warehousing and postal

services; 5.3%Information

services; 2.6%

Financial services,

insurance; 6.9%

Other services; 15.7%

Real estate and rentals; 8.3%

Public administration,

health and education;

17.7%

Source: IBGE.

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BankTotal Assets(USD billion)

World rank(Tier 1)

Itaú Unibanco Holding 436.4 38

Banco do Brasil 493.7 39Banco Bradesco 356.1 54Banco Santander Brasil 192.5 FO1

Caixa Economica Federal 364.6 58

Sources: Central Bank of Brazil, “The Banker”, World Economic Forum, IMF.

The economy’s sectoral structure (I)

FINANCIAL SYSTEM

The largest banks operating in Brazil, 2013

1 - FO (Foreign Owned): This bank has a significant presence in this country, but consolidate into banks in other countries.

Steady credit growth contributed to Brazil’s performance. Starting in the late1990s, Brazil modernized its financial system. Between 1995 and 2008, theBrazilian government established a regulatory and supervisory frameworkand passed new bankruptcy and home loan legislation. The banking systemremains sound and resilient. Despite the rapid credit growth, lower interestrates have helped keep the quality of assets.

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68.7

56.0

11.75.0 3.3 1.8

87.679.6

11.94.7 3.2 4

Soya Corn Rice Wheat Black-eyed peas

Cotton

The economy’s sectoral structure (II)

AGRIBUSINESS

A key sector of the Brazilian economy, agriculture represents around a third of GDP and more than athird of employment and exports. Brazil is the country with the most arable land in the world and isthe leading producer and exporter of coffee, sugar cane and orange juice, the leading exporter ofbeef and chicken, tobacco and ethanol. Also noteworthy is production of soya, corn, rice and pork. Inaddition to its natural resources, scientific and technological development and modernization havecontributed to the sector’s development, as well as an agricultural policy of incentives, includingconcession of credit and tax benefits in addition to other measures. Renowned as one of the leadingagribusiness centres in the world, Brazilian agriculture has great potential, given that only 12.5% ofthe country’s land is under cultivation.

Sources: AICEP, Brazilian Government, SEBRAE, SECEX/MDIC, CONAB, EIU.

Brazil in the world, production and exports of selected products

Production Exports

Sugar 1st 1stCoffee 1st 1stOrange juice 1st 1stBeef 2nd 1stTobacco 2nd 1stChicken 3rd 1stSoya beans 2nd 2ndCorn 4th 3rdPork 4th 4thCotton 5th 5th

Agricultural production, selected products, 2010 and 2013(Millions of tons)

2010 2013

Growth 2010/2013

28%42%

2%-6% -3% 122%

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1 Housing funding program. The two programs launched forecast the construction of over 3 million homes.2 Infrastructure investment program in the fields of logistics, energy, social services and urban development.

CONSTRUCTION AND REAL

ESTATE

The construction industry is one of the most dynamic sectors in the Brazilian economy (between 2004 and 2010, it expanded at an average annual rate in excess of 5%, creating over 200 thousand jobs a year). This was a result of the adoption and extension of a set of measures by the government (e.g. My House My Life Programs1 and the Growth Acceleration Programs2), a favourable environment for demand (e.g. reduction in interest rates, growth in jobs and disposable income) as well as investments required for the two big sporting events, the World Cup, in 2014 and the Olympic Games, in 2016. The real estate market in Brazil is considered by foreign investors to be the most promising among emerging economies and the second best worldwide in terms of opportunities for capital returns.

Sources: AICEP, Brazilian Government, SEBRAE, SECOVI-SP, AFIRE, CBIC.

The economy’s sectoral structure (III)

8.5

7.27.8

2010-2014 2015-2018 2019-2022

23.5 million new homesin 13 years

New housing needs, 2010-2022(Millions)

World real estate market, top 8 opportunities in terms of returns on capital

(Percent)

05

1015202530354045

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22.1

11.19.6

4.5 3.9 3.7 3.1 2.5 2.4 2.2

Chi

na

USA

Japa

n

Sout

h Ko

rea

Indi

a

Braz

il

Mex

ico

Thai

land

Can

ada

Rus

sia

Sources: AICEP, Brazilian Government, SEBRAE, OICA, EMBRAER.

The economy’s sectoral structure (IV)

AUTOMOTIVE, AIRCRAFT AND

AEROSPACE INDUSTRIES

Over the last few decades, Brazil has expanded and diversified its industrial base, namely in the productionof manufactured and consumer durable goods and by establishing technologically sophisticated industries.Particularly of note is the automotive industry, now ranked sixth worldwide, which has benefitted fromvarious investment projects and the presence of the main multinationals from the sector, the aircraftindustry, which boasts Embraer, one of he world’s leading players (it is the largest manufacturer ofcommercial jets up to 120 seats and the fourth largest Brazilian exporter) and the aerospace industry.

Automotive production, top 10 worldwide, 2013(Millions)

6th largest producer worlwide

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11.5 10.810.0

4.2 3.9 3.6 3.6 3.1 3.1 2.9 2.6 2.3 2.1 2.0 1.8 1.8 1.8 1.6 1.0 1.0

Saud

i Ara

bia

Rus

sian

Fed

erat

ion

US

Chi

na

Can

ada

Uni

ted

Arab

Em

irate

s

Iran

Iraq

Kuw

ait

Mex

ico

Vene

zuel

a

Nig

eria

Braz

il

Qat

ar

Nor

way

Ango

la

Kaza

khst

an

Alge

ria

Col

ombi

a

Liby

a

Oil production, 2013(Billions of barrels daily)

Sources: AICEP, Brazilian Government, SEBRAE, BP, ANP. 1 Mineral mixted with steel, used in the manufacture of jet engines.

The economy’s sectoral structure (V)

Brazil is considered to be one of the leading producers and exporter of minerals and mineralproducts and enjoys vast mineral deposits, including iron ore, bauxite, manganese, copper, tin andgold. It also has the largest reserves of uranium and niobium1. In November 2007, the discovery ofoil in the deep water Tupi field (Santos Basin) led to estimates of potential oil reserves that couldplace Brazil in the world’s top 10 in terms of reserves. In 2013, Brazil was the 13th largest producerworldwide.

MINERAL RESOURCES AND

OIL13th largest

producer worlwide

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Sources: AICEP, Brazilian Government, SEBRAE, WTTC, Ministry of Tourism. 1 Prepared by the main tourist authorities and sector leaders in Brazil.

The economy’s sectoral structure (VI)

The National Tourism Plan, whose main objective is to promote social cohesion, seeks to turn Brazil intoone of the top twenty tourist destinations worldwide by 2020. The Tourism Regionalization Programidentified 200 touristic zones in the country which are to be developed with a view to attaining internationalquality standards. As such, the sector is undergoing a period of structural development, with increases inhotel accommodation and improvement in infrastructure, basic services and environmental managementwith a view to faster growth in the next few years due to the fact that the country host two importantsporting events: the World Cup, in 2014, and the Olympic Games, in 2016. The Tourism in Brazil 2011-20141 study foresees the creation of 2 millions jobs by 2014 and 55% growth in foreign exchangeearnings.

TOURISMRank Country Growth

9 Brazil 8.722 Mexico 6.646 Costa Rica 5.964 Cuba 5.268 Venezuela 5.3

World average 5.072 Peru 5.085 Chile 4.693 Ecuador 4.5

112 Argentina 4.4147 Guatemala 3.5

Tourism investment, annual growth, 2013-2023(Percent)

Rank Country Growth

1 Brazil 13.42 Venezuela 9.16 Peru 8.08 Argentina 7.8

25 Mexico 6.345 Costa Rica 5.346 Ecuador 5.368 Cuba 4.869 Chile 4.8

World average 4.0165 Guatemala 3.3

Tourism receipts, annual growth, 2013-2023(Percent)

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Sources: Brazilian Government, AICEP.

The economy’s sectoral structure -development programs (I)

PAC – Programa de Aceleração do Crescimento www.brasil.gov.br/pac

PAC1 (2007-2010): EUR 189 billion

PAC2 (2011-2014): EUR 400 billion

Aims to stimulate efficiency in the main sectors of the economy, encourage technological modernization, accelerate growth in areas where this is already taking place and activate growth in depressed areas, increase competitiveness and integrate the Brazilian economy with that of its neighbours and with the rest of the world economy.

PRO

GR

AMS

EDU

CA

TIO

NTO

UR

ISM

INFR

AST

RU

CTU

RE

(LO

GIS

TIC

S, E

NER

GY,

SO

CIA

L SE

RVI

CES

AN

D

UR

BA

N D

EVEL

OPM

ENT)

PNT – Plano Nacional do Turismo www.turismo.gov.br

Aims to transform Brazil into one of the top tourist destinations worldwide – place the country amongst the top twenty tourist destinations by 2020. The Tourism Regionalization Program identified 200 touristic zones in the country to be developed with a view to attaining international quality standards.

PDE – Plano de Desenvolvimento da Educação www.portal.mec.gov.br

Aims to improve education in the country, at all levels, over fifteen years, with priority given to basic education. It foresees various initiatives to overcome problems directly affecting education in Brazil, including initiatives to fight social problems that inhibit quality learning and apprenticeship, such as Light for All, Health in the School and Looking at Brazil, amongst others.

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Sources: Brazilian Government, AICEP.

The economy’s sectoral structure -development programs (II)

Programa Mais Saúde http://bvsms.saude.gov.br/bvs/pacsaude/

Aims to significantly improve health conditions and quality of life for Brazilians, providing more access to quality initiatives and services. Launched in 2007, it identifies 86 targets and 208 initiatives, in eight areas of intervention.

PRO

GR

AMS

SCIE

NC

E,

TEC

HN

OLO

GY

AND

INN

OVA

TIO

NH

OU

SIN

GH

EALT

H

Programa Minha Casa Minha Vida www.cidades.gov.br

Minha Casa Minha Vida1: EUR 12 billionMinha Casa Minha Vida2: EUR 30 billion

Seeks to cater to the housing needs of the low-income population in urban areas, guaranteeing access to housing with minimum standards of sustainability, safety and living conditions.

Plano de Acção de Ciência, Tecnologia e Inovação www.mct.gov.br

Aims to expand research infrastructure, the innovation process and production capacity in the country. It covers four axes of development:

Axis I : Expansion and consolidation of the National System of Science, Technology and Innovation;Axis II : Promote technological innovation in companies;Axis III : Research and Development in Strategic Areas;Axis IV : Science and Technology for Social Development.

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Sources: Brazilian Government, AICEP.

The economy’s sectoral structure -development programs (III)

Plano Brasil Sem Miséria www.brasilsemmiseria.gov.br

Launched in early June 2011, this is the biggest integrated poverty reduction program in Brazilian history which, in addition to focusing on the social solidarity and human values, seeks to constitute a new and powerful lever for the development of the country.

Coordinated by the Ministry of Social Development and Hunger Reduction, this Plan is to be executed over three years, spearheaded by the federal government and local authorities around hundreds of initiatives aimed at improving the quality of life of around 16 million Brazilians whose income as a family does not exceed 70 reais per month per person.

The Plan foresees national and regional initiatives over three dimensions: income assurance, integration into the productive economy and access to public services (water, electricity, health, education and housing).

PRO

GR

AMS

POVE

RTY

IND

UST

RY

Plano Brasil Maior www.brasilmaior.mdic.gov.br

Launched in early August 2011, covering the 2011-2014 period, it aims to increase competitiveness in industry, encouraging technological innovation and value added. It seeks to give continuity to previous policies for the sector: the Industrial, Technological and Foreign Trade Policy (PITCE) establised in 2004, and Productive Development Policy (PDP) launched in 2008, adopting a wider scope.

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Sources: Brazilian Government, AICEP. 1 Banco Nacional de Desenvolvimento Económico e Social.

Estrutura sectorial da economia –eventos internacionais

2014 World Cup www.copa2014.org.br

The World Cup 2014 took place in twelve host cities (Fortaleza, Natal, Recife, Salvador, Brasília, Belo Horizonte, Rio de Janeiro, São Paulo, Coritiba, Porto Alegre, Cuiabá e Manaus). The 2014 World Cup had impact on many economic sectors (goods and services). Construction and improvements to stadiums, airports, roads, ports and modernization of public transport networks were priority areas. Attention had been given to the hospital network, public safety, telecommunications, energy and water and sewerage services, amongst others. Investments were made in hotel accommodation, entertainment, retail and restaurants. The Responsibility Framework for Host Cities calls for private, local, state and federal-authority investments totalling BRL 17.2 billion in urban mobility and stadiums. In addition, BRL 6 billion were invested in ports and airports and a specific program funded by BNDES1 totalling BRL 1 billion is earmarked for accommodation.

EVEN

TS

2016

OLY

MPI

C G

AMES

2014

WO

RLD

CU

P

Rio Olympic Games 2016 www.rio2016.org.br

Due to take place in Rio de Janeiro, the main challenge is urban mobility. As with the 2014 World Cup, it implies investments in a wide variety of sectors.

The Country's Economic Context

Industry Structure

International Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO Brazil

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International Trade – Partners

Source: UN Comtrade, DESA/UNSD.

Ranking Country 2013(EUR Million)

Share(%)

CAGR08-13

(%)Ranking Country 2013

(EUR Million)Share

(%)CAGR08-13

(%)

1 China 28 082.0 15.8 15.6 1 China 34 649.7 19.5 25.5

2 USA 27 312.8 15.4 9.2 2 USA 18 719.7 10.5 -0.1

3 Argentina 12 393.7 7.0 6.6 3 Argentina 14 767.0 8.3 4.3

4 Germany 11 429.4 6.4 6.9 4 Netherlands 13 043.4 7.3 12.9

5 Nigeria 7 262.9 4.1 9.8 5 Japan 5 995.5 3.4 7.6

6 South Korea 7 145.3 4.0 14.2 6 Germany 4 932.3 2.8 -3.9

7 Japan 5 331.3 3.0 2.9 7 Venezuela 3 651.1 2.1 0.8

8 Italy 5 056.7 2.8 10.0 8 South Korea 3 553.3 2.0 10.9

9 France 4 900.4 2.8 8.9 9 Chile 3 375.5 1.9 0.7

10 India 4 785.9 2.7 14.6 10 Panama 3 329.9 1.9 65.8

… … … … … … … … … …

39 Portugal 818.8 0.5 14.4 45 Portugal 643.2 0.4 -11.1

Brazil's imports by country, 2013 Brazil's exports by country, 2013

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International Trade – Goods Imports and Exports (World)

Source: UN Comtrade, DESA/UNSD.

Products (H.S. 4) 2013(EUR Millions )

Share(%)

CAGR08-13 (%) Products (H.S. 4) 2013(EUR Millions )

Share(%)

CAGR08-13 (%)

2710 - Petroleum Oils And Oils Obtained From Bituminous Minerals (Excl. Crude)

13 367.9 7.4 15.2 2601 - Iron Ores And Concentrates, Incl. Roasted Iron Pyrites

24 460.5 13.4 16.8

2709 - Petroleum Oils And Oils Obtained From Bituminous Minerals, Crude

12 286.1 6.8 1.7 1201 - Soya Beans, Whether Or Not Broken 17 172.0 9.4 18.2

8703 - Motor Cars And Other Motor Vehicles Principally Designed For The Transport Of Persons

6 836.5 3.8 13.5 2709 - Petroleum Oils And Oils Obtained From Bituminous Minerals, Crude

9 754.1 5.4 1.0

8708 - Parts And Accessories For Tractors, Motor Vehicles For The Transport Of Ten Or More Persons, Motor Cars

6 246.0 3.5 13.0 1701 - Cane Or Beet Sugar And Chemically Pure Sucrose, In Solid Form

8 915.3 4.9 19.1

2711 - Petroleum Gas And Other Gaseous Hydrocarbons

6 021.1 3.3 19.08905 - Light-Vessels, Fire-Floats, Dredgers, Floating Cranes, And Other Vessels The Navigability

5 823.5 3.2 42.0

8517 - Telephone Sets, Incl. Telephones For Cellular Networks Or For Other Wireless Networks; Other Apparatus For The Transmission

3 791.4 2.1 4.30207 - Meat And Edible Offal Of Fowls Of The Species Gallus Domesticus, Ducks, Geese, Turkeys And Guinea Fowls, Fresh

5 421.4 3.0 5.8

8542 - Electronic Integrated Circuits; Parts Thereof 3 575.0 2.0 8.7 2304 - Oilcake And Other Solid Residues, Whether Or Not Ground Or In The Form Of Pellets

5 109.6 2.8 11.5

3004 - Medicaments 2 811.3 1.6 9.3 1005 - Maize Or Corn 4 748.5 2.6 37.8

8529 - Parts Suitable For Use Solely Or Principally With Transmission And Reception Apparatus For Radio-Telephony, Radio-Telegraphy

2 684.3 1.5 18.6 8703 - Motor Cars And Other Motor Vehicles Principally Designed For The Transport Of Persons

4 129.0 2.3 4.3

3104 - Mineral Or Chemical Potassic Fertilisers (Excl. Those In Tablets Or Similar Forms, Or In Packages With A Gross Weight Of <= 10 Kg)

2 526.6 1.4 -0.7 4703 - Chemical Wood Pulp, Soda Or Sulphate (Excl. Dissolving Grades)

3 632.2 2.0 7.2

Brasil's Top 10 imports, 2013 Brasil's Top 10 exports, 2013

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739 832

1 103

332

2013 2013

International Trade – Bilateral relations with Portugal (I)

Compound Annual Growth Rate (CAGR)CAGR08-13 of exports = 14.7%CAGR08-13 of imports = -7.2%

SuperavitEUR 678 million

ImportsExports

Services(29%)

Goods(71%)

Services(60%)

Goods(40%)

Em 2013, 1 745 sociedades

exportaram mercadorias para o Brasil

Em 2012,1 685 sociedades

exportaram mercadorias para o Brasil

+4%

12º (share: 1.5%)

10º (share: 1.6%)

926

1 779 1 8421 695 1 733

1 164

2008 2012 2013

Sources: Instituto Nacional de Estatística, Banco de Portugal.

Portugal’s trade balance with Brazil, 2008, 2012 and 2013 (EUR millions)

Exports of goods and services Imports of goods and services

Ranking and share as Portugal customer and provider (goods)

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International Trade – Bilateral relations with Portugal (II)

Products (H.S. 4) 2013(EUR Millions )

Share(%) CAGR08-13 (%) Products (H.S. 4) 2013

(EUR Millions )Share

(%) CAGR08-13 (%)

1201 - Soya Beans, Whether Or Not Broken 183.4 22.0 -10.41509 - Olive Oil And Its Fractions Obtained From The Fruit Of The Olive Tree Solely By Mechanical Or Other Physical Means

171.7 23.5 14.5

2709 - Petroleum Oils And Oils Obtained From Bituminous Minerals, Crude

158.8 19.1 -20.57308 - Structures And Parts Of Structures "E.G., Bridges And Bridge-Sections, Lock-Gates, Towers, Lattice Masts, Roofs, Roofing

36.2 5.0 150.0

1005 - Maize Or Corn 147.5 17.7 8.3 2711 - Petroleum Gas And Other Gaseous Hydrocarbons

33.7 4.6 n.a.

1701 - Cane Or Beet Sugar And Chemically Pure Sucrose, In Solid Form

42.1 5.1 15.2 2603 - Copper Ores And Concentrates 33.0 4.5 1.8

8802 - Powered Aircraft "E.G. Helicopters And Aeroplanes"; Spacecraft, Incl. Satellites, And Suborbital And Spacecraft Launch Vehicles

35.5 4.3 425.40305 - Fish, Fit For Human Consumption, Dried, Salted Or In Brine; Smoked Fish, Fit For Human Consumption, Whether Or Not Cooked

29.4 4.0 6.0

3901 - Polymers Of Ethylene, In Primary Forms 17.3 2.1 -5.5 8803 - Parts Of Aircraft And Spacecraft Of Heading 8801 Or 8802, N.E.S.

28.9 4.0 39.8

2401 - Unmanufactured Tobacco; Tobacco Refuse 17.1 2.1 83.9 2204 - Wine Of Fresh Grapes, Incl. Fortified Wines; Grape Must, Partly Fermented

28.2 3.9 9.1

8409 - Parts Suitable For Use Solely Or Principally With Internal Combustion Piston Engine Of Heading 8407 Or 8408

17.0 2.0 -6.9 0808 - Apples, Pears And Quinces, Fresh 23.0 3.2 30.7

2304 - Oilcake And Other Solid Residues, Whether Or Not Ground Or In The Form Of Pellets

15.6 1.9 47.1 0303 - Frozen Fish (Excl. Fish Fillets And Other Fish Meat Of Heading 0304)

20.4 2.8 21.1

0901 - Coffee, Whether Or Not Roasted Or Decaffeinated; Coffee Husks And Skins; Coffee Substitutes Containing Coffee In Any Proportion

14.5 1.7 4.9 2523 - Cement, Incl. Cement Clinkers, Whether Or Not Coloured

18.7 2.6 104.7

Top 10 Portuguese imports from Brasil, 2013 Top 10 Portuguese exports to Brasil, 2013

Source: UN Comtrade, DESA/UNSD.

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3004 - Medicaments

3808 - Insecticides, Rodenticides, Fungicides, Herbicides, Anti-Sprouting Products

4011 - New Pneumatic Tyres, Of Rubber

8481 - Taps, Cocks, Valves And Similar Appliances For Pipes, Boiler Shells, Tanks, Vats

8414 - Air Or Vacuum Pumps; Air Or Other Gas Compressors And Fans; Ventilating Or Recycling Hoods

3901 - Polymers Of Ethylene, In Primary Forms

2603 - Copper Ores And Concentrates

8544 - Insulated Wire, Cable "Incl. Coaxial Cable"; Optical Fibre Cables

6404 - Footwear With Outer Soles Of Rubber, Plastics, Leather And Uppers Of Textile Materials

4009 - Tubes, Pipes And Hoses, Of Vulcanised Rubber Other Than Hard Rubber, With Or Without Their Fittings, E.G. Joints, Elbows, Flanges

Goods export opportunities (I)

Set of products (merchandise) identified as needs (imports) of Brazil for which Portugal has production and export capacity, thus representing opportunities to increase the volume of Portuguese exports to Brazil.

Top 10 export opportunities to Brazil

Sources: UN Comtrade, DESA/UNSD, OECD, NB.

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Goods export opportunities (II)

Sources: UN Comtrade, DESA/UNSD, OECD, NB.

Products (H.S. 4) 2013(EUR Million) Rank 2013 Share 2013

(%)Annual growth2012-2013 (%)

CAGR10-13

(%)

3004 - Medicaments 2 811.3 8 1.6 0.7 10.2

3808 - Insecticides, Rodenticides, Fungicides, Herbicides, Anti-Sprouting Products 2 258.3 13 1.3 29.3 22.4

4011 - New Pneumatic Tyres, Of Rubber 1 235.8 25 0.7 3.8 19.5

8481 - Taps, Cocks, Valves And Similar Appliances For Pipes, Boiler Shells, Tanks, Vats 1 105.8 30 0.6 16.2 13.3

8414 - Air Or Vacuum Pumps; Air Or Other Gas Compressors And Fans; Ventilating Or Recycling Hoods Incorporating A Fan, Whether Or Not Fitted With Filters 1 067.7 32 0.6 14.3 8.8

3901 - Polymers Of Ethylene, In Primary Forms 1 013.5 33 0.6 16.2 16.3

2603 - Copper Ores And Concentrates 799.4 41 0.4 82.0 3.2

8544 - Insulated Wire, Cable "Incl. Coaxial Cable"; Optical Fibre Cables 764.9 42 0.4 13.0 16.8

6404 - Footwear With Outer Soles Of Rubber, Plastics, Leather And Uppers Of Textile Materials 235.9 138 0.1 29.5 42.2

4009 - Tubes, Pipes And Hoses, Of Vulcanised Rubber Other Than Hard Rubber, With Or Without Their Fittings, E.G. Joints, Elbows, Flanges 232.9 141 0.1 10.4 17.0

Top 10 export opportunities to Brazil(Amount and rank of Brazil’s world imports)

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ISKO Brazil

Goods export opportunities (III)

Sources: UN Comtrade, DESA/UNSD, OECD, NB.

Transport equipment Machinery and appliances Chemicals

8714 - Parts And Accessories For Motorcycles And Bicycles And For Carriages

8448 - Auxiliary Machinery For Use With Machines Of Heading 8444, 8445, 8446 Or 8447, E.G. D

2921 - Amine-Function Compounds

8702 - Motor Vehicles For The Transport Of >= 10 Persons, Incl. Driver

8507 - Electric Accumulators, Incl. Separators 2828 - Hypochlorites; Commercial Calcium Hypochlorite; Chlorites; Hypobromites

8708 - Parts And Accessories For Tractors and Motor Vehicles

8463 - Machine Tools For Working Metal, Sintered Metal Carbides Or Cermets

2815 - Sodium Hydroxide "Caustic Soda", Potassium Hydroxide "Caustic Potash"

8704 - Motor Vehicles For The Transport Of Goods 8530 - Electrical Signalling, Safety Or Traffic Control Equipment For Railways, Tramways

3804 - Residual Lyes From The Manufacture Of Wood Pulp, Whether Or Not Concentrated

8604 - Railway Or Tramway Maintenance Or Service Vehicles, Whether Or Not Self-Propelled

8536 - Electrical Apparatus For Switching Or Protecting Electrical Circuits

3201 - Tanning Extracts Of Vegetable Origin; Tannins And Their Salts

Clothing and Footwear Common Metals Plastic, Rubber Products

6106 - Women'S Or Girls' Blouses, Shirts And Shirt-Blouses, Knitted Or Crocheted

7411 - Copper Tubes And Pipes 4006 - Rods, Bars, Tubes, Profiles And Other Forms Of Unvulcanised Rubber

5909 - Textile Hosepiping And Similar Textile Tubing, Whether Or Not Impregnated Or Coated

7801 - Unwrought Lead : 4003 - Reclaimed Rubber In Primary Forms Or In Plates, Sheets Or Strip

6302 - Bedlinen, Table Linen, Toilet Linen And Kitchen Linen Of All Types Of Textile Material

7313 - Barbed Wire Of Iron Or Steel; Twisted Hoop Or Single Flat Wire, Barbed Or Not

3918 - Floor, Wall Or Ceiling Coverings Of Plastics

5510 - Yarn Of Artificial Staple Fibres 8303 - Armoured Or Reinforced Safes, Strong-Boxes And Doors And Safe Deposit Lockers

4016 - Articles Of Vulcanised Rubber (Excl. Hard Rubber)

6406 - Parts Of Footwear, Incl. Uppers Whether Or Not Attached To Soles

8311 - Wire, Rods, Tubes, Plates, Electrodes And Similar Products, Of Base Metal Or Of Metal

3922 - Baths, Shower-Baths, Sinks, Washbasins, Bidets, Lavatory Pans, Seats And Covers

Cloud of Export Opportunities to Brazil

The Country's Economic Context

Industry Structure

International Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO Brazil

27

BRAZIL

ISKO Brazil

At Novo Banco we support your internationalisation through the International Premium Unit.

This Unit is composed of an experienced team of relationship managers, organizedby Geographical Desks.

Geographical desksgeográficos

5Africa

Latin America

Developed Markets & China

North Africa & Turkey

Eastern Europe, Ásia & Middle East

Knowledge of how to do business in the main

markets;

Relationship with local players;

Knowledge of national development

programmes;

Participation in fairs and entrepreneurial

missions in the local markets.

Novo Banco Internationalisation Support (I)

28

BRAZIL

ISKO Brazil

Fine Trade: identification of potential markets.1. Knowledge

Identification of local counterparts throughthe Group’s network of Banks, partner Banks; Diplomatica Network or International Chambersof Commerce;

Client Referrals;

Organization of Entrepeneurial Missions.

2. Business Development

3. Foreign Trade

4. Investment Structuring, implementation and monitoring of

operations with local correspondents.

Funding for investment with DevelopmentBanks and Multilateral entities.

We are present with solutions in all the phases of the process:

Novo Banco Internationalisation Support (II)

A team with recognized experience to supportyour foreign trade operations.

In 2014, 28% of Trade Finance transactionspassed through Novo Banco*.

* Trade Finance Market Share as of December 2014.

The Country's Economic Context

Industry Structure

International Trade, Bilateral Trade with Portugal and Opportunities

Novo Banco Internationalisation Support

Contacts

ISKO Brazil

30ISKO Brazil

International Premium Unit

Head Marta Mariz marta.mariz@novobanco.pt

Desk Latin America Pedro SilvaInternational Business pedro.silva@novobanco.pt

31ISKO Brazil

DisclaimerThis document was prepared by NOVO BANCO and/or any of its subsidiaries and is intended solely for release by NOVO BANCO to qualified investors. Its use is restricted to qualified investors, and their representatives. All information contained in this document was compiled in good faith by NOVO BANCO, using sources of public information considered reliable, although its accuracy cannot be guaranteed. Accordingly, with the exception of information about NOVO BANCO makes no representation as to the accuracy or completeness of such information.The opinions expressed in this document reflect NOVO BANCO’s point of view as of the date of its release and may be subject to change without prior notice. NOVO BANCO does not assure the update of this document.This document is not a research report, neither represents any kind of advisory, nor is an offer to buy or sell or intends to solicit an order to buy or sell. The prices of any instruments described in this document are indicative prices only and do not constitute firm bids or offers. NOVO BANCO may choose to make a market for any instruments referred in this document, but are not obliged to do so. Any such market-making activities may be discontinued at any time without notice. The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers.NOVO BANCO may trade for their own account or of their clients any instruments that may be referred to in this document, as well as they may have any business relationship with the entities referred on it. NOVO BANCO may act as market-makers of any instruments referred to in this document, although they are not obliged to do so and, if they do it, they may terminate that activity at any moment. NOVO BANCO may act as placement agent, advisor, lender or in other capacities in with respect to financial instruments or issuers referenced in this document. NOVO BANCO may trade for its own account and may also engage in securities transactions in a manner inconsistent with this document and with respect to financial instruments covered by this document. NOVO BANCO has no obligation to update, modify or amend this document or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. Prices and availability of financial instruments are also subject to change without notice. This document is provided for informational purposes only. NOVO BANCO will not accept any responsibility for any loss resulting from the use of the information or opinions referred in this document.The financial instruments discussed in this document may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. If a financial instrument is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely affect the price or value of, or the income derived from the financial instrument, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of financial instruments described in this document, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results.The financial instruments discussed herein may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to said persons or in said countries. It is each investor’s responsibility to ensure that it is authorized to invest in those financial instruments. This document is confidential and addressed to a restricted number of entities. If you are not an addressee of this document, you should immediately destroy it. The dissemination or copy, in total or in part, of this document is not allowed.Additional information is available upon request.

The prices of any financial instruments described in this document are indicative prices only and do not constitute firm bids or offers. NOVO BANCO or its affiliates may choose to make a market for any such financial instruments, but neither NOVO BANCO nor any of its affiliates has an obligation to do so. Any such market-making activities may be discontinued at any time without notice. Certain information contained in this document has been derived from public sources that NOVO BANCO deems to be reliable. Neither NOVO BANCO nor any of its affiliates, however, have independently verified such publicly available information nor do they take responsibility for its accuracy or completeness.Any U.S. person receiving this document and wishing to effect transactions in any financial instruments discussed herein should do so, if applicable, through NOVO BANCO and not through any non-U.S. affiliate of NOVO BANCO.

The enclosed document does not constitute any kind of research report or any kind of offer to sell any of the financial instruments discussed herein, nor is it soliciting an offer to buy such financial instruments. The financial instruments issued by Companies that may be discussed herein may be subject to restrictions with regard to certain persons or in certain countries under national regulations applicable to said persons or in said countries. It is each investor’s responsibility to ensure that it is authorized to invest in those securities.The financial instruments discussed in this material may not be suitable for all investors. Investors should make their own assessment of the risks from a legal, tax and accounting perspective prior to investing in such products. Past performance is no guarantee to future performance.This document is being distributed to, and is intended solely for the use of, institutional investors. Notwithstanding the generality of the preceding sentence, this document is intended solely for the use of the institutional investor to which it has been sent by NOVO BANCO and such recipient’s agents, employees, advisors and representatives. If you have received this document in error, you are urged to destroy it or return it immediately to NOVO BANCO.

Additional disclosures for US persons