Electoral Polls: Datafolha

Similar documents
FX and Capital Markets

FX and Capital Markets

FX and Capital Markets

Brazil: FX and Capital Markets Highlights of the Week

Brazil: FX and Capital Markets Highlights of the Week

Macro Vision June 13, 2017

Macro Vision February 20, 2017

Macro Vision October 2, 2017

Macro Vision December 12, 2016

Brazil Review June 1, 2018

Macro Vision July 25, 2016

Macro Brazil July 21, 2017

IU-MCI measures the market conditions and is also a good leading indicator of economic growth in the country, as indicated by econometric exercises.

Public Sector Posts a Primary Deficit in May

Brazil Review. Depreciation of the Real Sharpens. The Brazilian Economy in March 2015

Commodities Monthly Review

Brazil Review March 1, 2018

Sector Insights. Autos. Sales Performance Remains Strong. Passenger Cars and Light Commercial Vehicles

Macro Research Economic outlook

Macro Vision December 16, 2016

Macro Vision June 13, 2017

Macro Research Economic outlook

Macro Research Economic outlook

Commodities Monthly Review

Macro Vision June 13, 2018

Brazil Review March 1, 2017

Macro Research Economic outlook

Markets Stabilize, GDP Grows 2.3% in 2013

Daniel Scioli leads the race to the presidency in October, but a runoff with Mauricio Macri in November is likely.

Global Monetary Policy Monitor

Weakening Fiscal Performance in the 1Q14

Commodities Monthly Review

Global Monetary Policy Monitor

Real Estate The pace of sales continues to fall in the residential market. The number of launches came down, but inventories remain high.

Scenario Review - Brazil

Scenario Review - Brazil

Labor Market, Production Costs and Prices Faced with low growth, the appetite for hiring is low, and more sectors are announcing forced vacations.

XP PresidentialPoll. May, 2018

Macro Vision August 30, 2017

Brazil Review. Rising Concerns about Inflation. The Brazilian economy in February 2013

XP PresidentialPoll. June, 2018

Macro Vision. Uncertain Recoupling Road for Latin America

Global Monetary Policy Monitor

Scenario Review Chile

Recovery Disappoints, Real Depreciates

Sector Insights. Brazil s Steel Industry: Still a Challenging Scenario Ahead

Global Monetary Policy Monitor

Macro Vision August 4, 2017

Released last Friday, industrial production came at 3.57% year-on-year in August, weaker than market estimates (3.8) and higher than our call (2.5).

Macro Vision November 23, 2017

Scenario Review Brazil

The peace deal advances, while the economy slows

Global Monetary Policy Monitor

Video March 1, StratTV at the TMT Conference. Watch the video: Related Research

Brazil Currency Perspectives

BRAZIL: ELECTION TRACKER

Scenario Review - Brazil

Demand for sovereign bonds: The importance of diversity

Flash Economics. US monetary policy: What matters more: The Fed Funds rate or the size of the Federal Reserve s balance sheet?

Brazil s General Electionsin October 2010: Considerations and Analysis

In particular, we want to see whether: We find: The causes appear to be:

BRAZIL: ELECTION TRACKER

On public finances; On financial asset prices; The risks seem to come from:

Flash Economics. What must we assume if we do not believe long-term interest rates will rise sharply in the peripheral eurozone

GS Global ECS Credit Strategy Research. March 31, Alberto Gallo, CFA Goldman, Sachs & Co

Brazil Review. U-Turn in Exchange Rate Policy. The Brazilian economy in December 2012

MIXED MESSAGES. KEY POINTS The ANZ Truckometer indexes lifted in August.

Multi Asset Indices Selection and Rebalance Dates

Roger Yuan Goldman Sachs (Asia) L.L.C. (+852)

Has no impact on growth; Leads to a rise in interest rates;

Flash Economics. Gradually less expansionary monetary policy in the United States: Could it trigger a rise in long-term interest rates?

LatAm Talking Points: Brazilian Economic Activity Edges Up in October

Chart Collection for Morning Briefing

CORPORATE & INVESTMENT BANKING

Multi Asset Indices Selection and Rebalance Dates

Flash Economics. 11 January

China and Hong Kong Forex Market Developments One-way appreciation carrying into the new year

Technical Analysis: Market Insight

Commodities Monthly Review

The Itaú Social Well-Being Index

Figure 1. ANZ Heavy Traffic Index and GDP. Heavy traffic index, 3-month avg (LHS) Figure 2. ANZ Light Traffic Index and GDP

BRAZIL: ELECTION TRACKER

Flash Economics. Euro zone, France: Potential risk of a "scissor effect" in March

China and Hong Kong Forex Market Developments RMB made the nine-month peak and FX reserves further expanded

ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Figure 1. ANZ-Roy Morgan Australian Consumer Confidence and inflation expectations

Flash Economics. What to expect from the rise in oil prices for growth in the euro zone and France? 16 January

U.S. Natural Gas Storage Charts

ANZ-ROY MORGAN AUSTRALIAN CONSUMER CONFIDENCE MEDIA RELEASE. Weekly change, % Four-week average Budget. Budget. Budget. Budget.

NAVIGATING A MATURING BULL MARKET II

Flash Economics. What happens when the Federal Reserve starts raising its interest rates? 14 September

Flash Economics. Could there no longer be any credible reserve currency? 22 March

Singapore Property. Singapore Industry Focus. A Quiet Start to DBS Group Research. Equity 16 Feb 2016 STI : 2,607.90

Flash Economics. A euro-zone budget: How, why, when? 19 January

We seek to determine whether:

Flash Economics. The end of quantitative easing in the euro zone: Will banks step in for the ECB to buy government bonds?

Flash Economics. One concern in the United States: Commercial real estate. 07 October

Flash Economics. Because the structural unemployment rate is high in the euro zone, its growth phases are shorter than in the United States

Global growth buoys LatAm assets

Flash Economics. Growing heterogeneity in living standards between euro-zone countries: A temporary or permanent feature?

Flash Economics. What adjustments are possible when unemployment returns to the structural unemployment level?

Transcription:

Macro Research Electoral Polls: Datafolha January -, 1

Datafolha Polls Summary 1. Voting Intentions First Round. Rejection Rates First Round. Voting Intentions by region. Voting Intentions by income. Voting Intentions by municipality size. Voting Intentions by education level. Voting Intentions Second Round

1. Voting Intentions First Round

Few changes in the latest polls Scenario with Lula Scenario without Lula 1 1-Dec-1 1 -Apr-1 1-Mar-1 -Feb-1 1 1 1 1 1 1 1 1 -Jan-1 -Nov-1 -Sep-1 -Jun-1 -Apr-1 -Dec-1 1-Jul-1 1 1 1 1 1 1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Haddad / Jaques Wagner Geraldo Alckmin Lula Marina Silva Marina Silva Jair Bolsonaro Jair Bolsonaro Ciro Gomes Luciano Huck Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error

The last poll: Datafolha (Jan -) Scenario 1 1st Round With Lula Scenario 1st Round Without Lula Lula % Jair Bolsonaro 1% Jair Bolsonaro 1% Marina Silva % Marina Silva % Ciro Gomes % Geraldo Alckmin % Geraldo Alckmin % Ciro Gomes % Luciano Huck % Luciano Huck % Jacques Wagner % Henrique Meirelles % Henrique Meirelles 1% Blank/Null % Blank/Null % Undicided % Undicided % Datafolha,, interviewees, January -, % margin of error

Spontaneous Survey 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1-Jul-1 -Dec-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Lula Marina Silva Bolsonaro Ciro Gomes João Dória Don't know Blank / Null Geraldo Alckmin Datafolha,, interviewees, January -, % margin of error

. Rejection Rates First Round

-Feb-1 1-Mar-1 -Apr-1 1-Jul-1 -Dec-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Rejection rates Rejection Rates (Datafolha) 1 1 Geraldo Alckmin Lula Marina Silva Jair Bolsonaro Ciro Gomes João Dória Luciano Huck Datafolha,, interviewees, January -, % margin of error

Rejection rates The last poll Lula % Jair Bolsonaro % Geraldo Alckmin % Luciano Huck % Marina Silva % Rodrigo Maia 1% Ciro Gomes 1% João Dória 1% Henrique Meirelles 1% Joaquim Barbosa % Vote for any/no rejection % Wouldn't vote in any % Datafolha,, interviewees, January -, % margin of error

Assessment of candidate s support Lula s support to a candidate 1 1 1 -Sep-1 -Nov-1 -Jan-1 Would not vote for a candidate supported by him Might vote on his candidate Certainly vote on his candidate Sergio Moro s support to a candidate Fernando Henrique Cardoso s support to a candidate -Sep-1 -Nov-1 -Jan-1 Would not vote for a candidate supported by him Might vote on his candidate Certainly vote on his candidate Temer s support to a candidate -Sep-1 -Nov-1 -Jan-1 -Nov-1 -Jan-1 Would not vote for a candidate supported by him Might vote on his candidate Certainly vote on his candidate Would not vote for a candidate supported by him Might vote on his candidate Certainly vote on his candidate Datafolha,, interviewees, January -, % margin of error

. Voting Intentions by region

Scenario with Lula - by region 1 1 1 1 1 1 -Apr-1 Southeast - % of total Northeast - % of total 1-Dec-1 1 1 -Feb-1 1-Mar-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Scenario with Lula -Apr-1 1 1 1 1 1 1 1 1 1 1-Jul-1 -Dec-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Jan-1 Geraldo Alckmin Lula Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error

Scenario with Lula - by region 1 South - 1% of total Midwest - % of total Scenario with Lula 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 1-Dec-1 -Feb-1 1-Mar-1 -Apr-1 1-Jul-1 -Dec-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Lula Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error

Scenario with Lula - by region North - % of total Scenario with Lula 1 1-Dec-1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 -Feb-1 1-Mar-1 -Apr-1 1-Jul-1 -Dec-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Lula Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error

Scenario without Lula - by region Southeast - % of total Northeast - % of total 1 1 1 1 1 1 Scenario without Lula 1 1 1 1 1 1 1 1 1 1 -Jun-1 -Jun-1 -Sep-1 -Nov-1 -Sep-1 -Jan-1 -Nov-1 -Jan-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Haddad / Jaques Wagner Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error 1

Scenario without Lula - by region 1 1 1 South - 1% of total 1 1 1 Scenario without Lula 1 1 1 1 Midwest - % of total 1 1 1 -Jun-1 -Jun-1 -Sep-1 -Nov-1 -Sep-1 -Jan-1 -Jun-1 -Nov-1 -Sep-1 -Nov-1 -Jan-1 -Jan-1 1 1 1 1 1 Geraldo Alckmin Haddad / Jaques Wagner Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error 1

Scenario without Lula - by region North - % of total Scenario without Lula 1 1 1 1 1 1 1 1 1 1 1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 1 Geraldo Alckmin Haddad / Jaques Wagner Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error 1

. Voting Intentions by income

Scenario with Lula - by income 1 Up to minimum wages - % of total Scenario with Lula 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 1-Dec-1 -Feb-1 1-Mar-1 -Apr-1 1-Jul-1 -Dec-1 -Apr-1 From - minimum wages - % of total -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Lula Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error 1

Scenario with Lula - by income 1 From - minimum wages - % of total More than minimum wages - % of total Scenario with Lula 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1-Dec-1 -Feb-1 1-Mar-1 -Apr-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 1-Jul-1 -Dec-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Lula Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error

Scenario without Lula - by income 1 Up to minimum wages - % of total From minimum wages (% of total) Scenario without Lula 1 1 1 1 1 1 1 1 1 1 1 1 1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Jun-1 -Sep-1 -Jun-1 -Nov-1 -Sep-1 -Nov-1 -Jan-1 -Jan-1 Geraldo Alckmin Haddad / Jaques Wagner Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error 1

Scenario without Lula - by income 1 From minimum wages (% of total) More than minimum wages (% of total) Scenario without Lula 1 1 1 1 1 1 1 1 1 1 1 1 1 -Jun-1 1 1 -Sep-1 -Nov-1 -Jan-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Haddad / Jaques Wagner Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error

. Voting Intentions by municipality size

Scenario with Lula - by municipality size 1 Up to k inhabitants (% of total) From k inhabitants (% of total) Scenario with Lula 1 1 1 1 1 1-Dec-1 -Feb-1 1-Mar-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1-Jul-1 -Dec-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Lula Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error

Scenario with Lula - by municipality size From - k inhabitants (1% of total) Scenario with Lula More than k inhabitants (% of total) 1 1 1 1 1 1-Dec-1 1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 1 1 1 1 1 1 -Feb-1 1-Mar-1 -Apr-1 1-Jul-1 -Dec-1 1 1 1 1 1 1 1 -Apr-1 -Jun-1 -Sep-1 1 1 1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Nov-1 -Jan-1 Geraldo Alckmin Lula Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error

Scenario without Lula - by municipality size 1 1 Up to k inhabitants (% of total) From k inhabitants (% of total) Scenario with Lula Scenario without Lula 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1-Dec-1 -Feb-1 1-Mar-1 -Apr-1 1-Jul-1 -Dec-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Jun-1 -Sep-1 -Jun-1 -Nov-1 -Sep-1 -Nov-1 -Jan-1 -Jan-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Geraldo Alckmin Haddad / Jaques Lula Wagner Marina Silva Marina Silva Jair Bolsonaro Jair Bolsonaro Ciro GomesCiro Gomes Luciano Huck Luciano Huck Datafolha,, interviewees, January -, % margin of error

Scenario without Lula - by municipality size 1 From - k inhabitants (1% of total) More than k inhabitants (% of total) Scenario with Lula Scenario without Lula 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 1-Dec-1 -Feb-1 1-Mar-1 -Apr-1 1-Jul-1 -Dec-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Geraldo Alckmin Haddad / Jaques Lula Wagner Marina Silva Marina Silva Jair Bolsonaro Jair Bolsonaro Ciro GomesCiro Gomes Luciano Huck Luciano Huck Datafolha,, interviewees, January -, % margin of error

. Voting Intention by education level

Scenario with Lula - by education level Basic (% of total) Scenario with Lula High School (% of total) 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 1-Dec-1 -Feb-1 1-Mar-1 -Apr-1 1-Jul-1 -Dec-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Lula Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error

Scenario with Lula - by education level University Degree (1% of total) Scenario with Lula 1 1-Dec-1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 -Feb-1 1-Mar-1 -Apr-1 1-Jul-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Dec-1 -Apr-1 -Jun-1 -Sep-1 -Jan-1 -Nov-1 Geraldo Alckmin Lula Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error

Scenario without Lula - by education level 1 1 Basic (% of total) 1 1 Scenario without Lula 1 1 1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 1 1 1 High School (% of total) 1 1 Geraldo Alckmin Haddad / Jaques Wagner Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error 1

Scenario without Lula - by education level University Degree (1% of total) Scenario without Lula 1 1 1 1 1 1 1 1 1 -Jun-1 -Jun-1 -Sep-1 -Sep-1 -Nov-1 -Nov-1 -Jan-1 -Jan-1 Geraldo Alckmin Haddad / Jaques Wagner Marina Silva Jair Bolsonaro Ciro Gomes Luciano Huck Datafolha,, interviewees, January -, % margin of error

. Voting Intentions Second Round

Datafolha second-round voting intention polls Scenario with Lula and Alckmin nd Round Scenario with Lula and Bolsonaro nd Round Lula % Lula % Geraldo Alckmin % Jair Bolsonaro % Undecided or Blank/Null 1% Undecided or Blank/Null 1% Scenario with Alckmin and Ciro nd Round Scenario with Marina and Bolsonaro nd Round Geraldo Alckmin % Marina Silva % Ciro Gomes % Jair Bolsonaro % Undecided or Blank/Null 1% Undecided or Blank/Null % Datafolha,, interviewees, January -, % margin of error

Second-round voting intention polls Scenario with Lula and Alckmin nd Round 1-Jul-1 -Dec-1 -Apr-1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Lula Scenario with Lula and Bolsonaro nd Round 1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Jair Bolsonaro Lula Scenario with Alckmin and Ciro nd Round 1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Geraldo Alckmin Ciro Gomes Scenario with Marina and Bolsonaro nd Round 1 1 1 -Jun-1 -Sep-1 -Nov-1 -Jan-1 Jair Bolsonaro Marina Silva Datafolha,, interviewees, January -, % margin of error

Would you like to continue this conversation? The app Itaú Análises Econômicas sends you real time economy reports. Download now on your cellphone app store.

Relevant Information 1. This report has been prepared and issued by the Macro Research Department of Banco Itaú Unibanco S.A. ( Itaú Unibanco ). This report is not a product of the Equity Research Department of Itaú Unibanco or Itaú Corretora de Valores S.A. and should not be construed as a research report ( relatório de análise ) for the purposes of the article 1 of the CVM Instruction NR., dated July,.. This report aims at providing macroeconomics information, and does not constitute, and should not be construed as an offer to buy or sell, or a solicitation of an offer to buy or sell any financial instrument, or to participate in any particular trading strategy in any jurisdiction. The information herein is believed to be reliable as of the date on which this report was issued and has been obtained from public sources believed to be reliable. Itaú Unibanco Group does not make any express or implied representation or warranty as to the completeness, reliability or accuracy of such information, nor does this report intend to be a complete statement or summary of the markets or developments referred to herein. Opinions, estimates, and projections expressed herein constitute the current judgment of the analyst responsible for the substance of this report as of the date on which it was issued and are, therefore, subject to change without notice. Itaú Unibanco Group has no obligation to update, modify or amend this report and inform the reader accordingly.. The analyst responsible for the production of this report, whose name is highlighted in bold, hereby certifies that the views expressed herein accurately and exclusively reflect his or her personal views and opinions and were prepared independently and autonomously, including from Itaú Unibanco, Itaú Corretora de Valores S.A. and other group companies.. This report may not be reproduced or redistributed to any other person, in whole or in part, for any purpose, without the prior written consent of Itaú Unibanco. Additional information on the financial instruments discussed in this report is available upon request. Itaú Unibanco and/or any other group companies is not, and will not be liable for any investment decisions (or otherwise) based on the information provided herein. Additional Note to reports distributed in: (i) U.K. and Europe: The sole purpose of this material is to provide information only, and it does not constitute or should be construed as a proposal or request to enter into any financial instrument or to participate in any specific business strategy. The financial instruments discussed in this material may not be suitable for all investors, and are directed solely at Eligible Counterparties and Professionals as defined by the Financial Conduct Authority. This material does not take into consideration the objectives, financial situation or specific needs of any particular client. Clients must obtain financial, tax, legal, accounting, economic, credit and market advice on an individual basis, based on their personal characteristics and objectives, prior to making any decision based on the information contained herein. By accessing the material, you confirm that you are aware of the laws in your jurisdiction relating to the provision and sale of financial service products. You acknowledge that this material contains proprietary information and you agree to keep this information confidential. Itau BBA International plc (IBBAInt) exempts itself from any liability for any losses, whether direct or indirect, which may arise from the use of this material, from its content and is under no obligation to update the information contained in this document. Additionally, you confirm that you understand the risks related to the financial instruments discussed in this material. Due to international regulations not all financial instruments/services may be available to all clients. You should be aware of and observe any such restrictions when considering a potential investment decision. Past performance and forecast are not a reliable indicator of future results. The information contained herein has been obtained from internal and external sources and is believed to be reliable as of the date in which this material was issued, however IBBAInt does not make any representation or warranty as to the completeness, reliability or accuracy of information obtained by third parties or public sources. Additional information relative to the financial products discussed in this material is available upon request. Itau BBA International plc registered office is th floor, Primrose Street, London, United Kingdom, ECA EW and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN ) Itau BBA International plc Lisbon Branch is regulated by Banco de Portugal for the conduct of business. Itau BBA International plc has representative offices in France, Germany, Spain which are authorised to conduct limited activities and the business activities conducted are regulated by Banque de France, Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin), Banco de España respectively. For any queries please contact your relationship manager; (ii) U.S.A: Itau BBA USA Securities, Inc., a FINRA/SIPC member firm, is distributing this report and accepts responsibility for the content of this report. Any US investor receiving this report and wishing to effect any transaction in any security discussed herein should do so with Itau BBA USA Securities, Inc. at Fifth Avenue, th Floor, New York, NY ; (iii) Asia: This report is distributed in Hong Kong and Japan by Itaú Asia Securities Limited, which is licensed in Hong Kong by the Securities and Futures Commission for Type 1 (dealing in securities) regulated activity. Itaú Asia Securities Limited accepts all regulatory responsibility for the content of this report. In Hong Kong, any investors wishing to purchase or otherwise deal in the securities covered in this report should contact Itaú Asia Securities Limited at th Floor, Two IFC, Finance Street Central, Hong Kong; (iv) Middle East: This report is distributed by Itau Middle East Limited. Itau Middle East Limited is regulated by the Dubai Financial Services Authority and is located at Suite, Level, Al Fattan Currency House, Dubai International Financial Centre, PO Box, Dubai, United Arab Emirates. This material is intended only for Professional Clients (as defined by the DFSA Conduct of Business module) no other persons should act upon it; (v) Brazil: Itaú Corretora de Valores S.A., a subsidiary of Itaú Unibanco S.A authorized by the Central Bank of Brazil and approved by the Securities and Exchange Commission of Brazil, is distributing this report. If necessary, contact the Client Service Center: -1* (capital and metropolitan areas) or --1 (other locations) during business hours, from a.m. to p.m., Brasilia time. If you wish to re-evaluate the suggested solution, after utilizing such channels, please call Itaú s Corporate Complaints Office: -- (on business days from a.m. to p.m., Brasilia time) or write to Caixa Postal., São Paulo-SP, CEP -1.* Cost of a local call.