Latin American Business Outlook Part of the Global Business Outlook

1. Latin American Business OutlookPart of the Global Business Outlook A joint survey effort between Duke University, FundaçãoGetúlio Vargas and CFO magazine Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

2. Top External Concerns for Latin America CFOs Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

3. Top Internal Concerns for Latin America CFOs Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

4. Forecast for NTM % Change (avg. by region) Historical Responses Summer 2012 Response Revenue Earnings Notes: NTM = Next Twelve Months.Data for Latin America represent medians; means used for all other regions. Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

5. Forecast for NTM % Change (avg. by region) Historical Responses Summer 2012 Response Product Prices Capital Spending Notes: NTM = Next Twelve Months.Data for Latin America represent medians; means used for all other regions. Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

6. Forecast for NTM % Change (avg. by region) Historical Responses Summer 2012 Response # FT Employees Wages & Salaries Notes: NTM = Next Twelve Months, FT = Fulltime.Data for Latin America represent medians; means used for all other regions. Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

7. Optimism Level (Scale of 0 to 100) Historical Responses Summer 2012 Response Country / Region Own Company Note: Data for Latin America represent medians; means used for all other regions. Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

8. Latin American Hiring Trends (Summer2012) Within the past year, nearly ¾ of Latin American respondents experienced difficulty filling a job opening. Among this group, a variety of approaches were used to fill open positions. Difficulty filling an open position within the past year? If yes, would/did you do any of the following to attract qualified applicants? Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

9. Corruption as a Risk Factor (Summer 2012) The magnitude of business corruption (fraud, bribery, other ethical violations) as a risk factor varies across geography (1=corruption not a significant factor , 5=very significant factor) Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

10. Corruption Effects (Latin America, Summer 2012) To the extent that business corruption exists, what would you say are its major effects? Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

11. CFO Survey in Latin America Press Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

12. CFO Survey in Latin America Press Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012

13. Latin American Business OutlookPart of the Global Business Outlook A joint survey effort between Duke University, FundaçãoGetúlio Vargas and CFO magazine Latin American Business Outlook Duke University / FGV / CFO Magazine Summer 2012