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2013 Towers Watson. All rights reserved. Reviso das Perspectivas Desafios para o 2 Semestre Cenrio Econmico, Rentabilidade e Metas atuariais Luiz Mrio Monteiro de Farias Julho, 2013

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 Temas em Pauta Internacional Estratgia de Sada do Quantitative Easing do Federal Reserve Estagnao da Unio Europeia Desacelerao da China Riscos Geopolticos Brasil Esgotamento do Modelo de Crescimento Deteriorao da qualidade do Supervit Primrio Questionamento do Regime Cambial Sistema de Metas de Inflao 2

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 Principais Momentos do 1 Semestre Alinhamento entre Fazenda e Banco Central em Fevereiro Incio do ciclo de alta da taxa Selic Comunicado do Federal Reserve sinaliza possibilidade de iniciar retirada dos estmulos COPOM confirma alta de 50 bps na taxa Selic Agncia de risco altera perspectiva do rating soberano de estvel para negativa 3 1 2

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 44 Curvas de Juros Nominal (Pr)

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 55 Curvas de Juros Real (IPCA)

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 Taxa de Juros Real 10 anos 6

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 Composio do IMA 7

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 8 Indicadores

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 Indices de Renda Fixa 2013 9

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 10 Indices de Renda Fixa 60 meses

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 11 Indices de Renda Varivel 2013

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 Indices de Renda Varivel 60 meses 12

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 Concluses Cenrio altamente complexo para investidores Ano desafiador para cumprimento da Meta Atuarial Oportunidade de diversificao em classes de ativos no tradicionais 13

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2013 Towers Watson. All rights reserved. Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com Presentation1 Perguntas? 14