SALARY SURVEY 2013/2014. Worldwide leaders in specialist recruitment

SALARY SURVEY 2013/2014 Worldwide leaders in specialist recruitment www.michaelpage.com.br

INDEX PRESENTATION 03 METHODOLOGY 04 SCENARIO AND PERSPECTIVES 06 COMPARATIVE 2013 x 2012 07 COMPARATIVE LATIN AMERICA 09 FINANCE 11 TAX 15 BANKING & FINANCIAL SERVICES 18 INSURANCE 24 LEGAL 27 INFORMATION TECHNOLOGY 35 SALES 39 MARKETING 47 RETAIL 52 HEALTHCARE 57 ENGINEERING & MANUFACTURING 60 SUPPLY CHAIN & PROCUREMENT 65 PROPERTY & CONSTRUCTION 69 OIL & GAS 73 HUMAN RESOURCES 76 2

PRESENTATION Dear Sir or Madam, Michael Page Remuneration Studies reflect the main essence of our activity: People. Meeting professionals and exchanging marketing information on a continuous basis is in our DNA. During the past 12 months more than 75,000 interviews were conducted at our 10 offices in Brazil, which accredits us to generate relevant content on careers. Based on that history, we have produced this salary survey, aiming to provide you with the best information on remuneration in the country. Our objective is to help you to: Assess the current remuneration structure management supporting positions at your company; Organize a talent retention policy, offering remunerations aligned to the market; Attract talents with salaries in accordance with the market You can always count on our expertise to find the talents your company needs. Sincerely, Paulo Pontes Senior Managing Director Brazil - PageGroup 3

METHODOLOGY Michael Page Salary Survey 2013/2014 is based on interviews conducted with more than 75,000 professionals in the last 12 months, in addition to information collected from our customers from small and mid-sized companies to large national and international conglomerates. The mapping was accomplished in July and August 2013 on the basis of the following characteristics: Salary ranges represent the market average value, in ranges (minimum and maximum), in 6 defined regions: São Paulo City, São Paulo countryside, Rio de Janeiro, South, North and Northeast, Minas Gerais and Midwest; The salary ranges are expressed according to the company size, based on their annual turnover: - Small Medium (S-M): up to R$ 500 million - Large (L): over R$ 500 million The only exceptions are made of for the divisions: Finance: company size grouping among Small (initial S, up to R$ 100 million), Medium (initial M, from R$ 100 million to R$ 500 million) and Large (initial L, over R$ 500 million); Banking: uses not only the company size, but sector segmentation, position seniority and other areas; Oil & Gas: only position seniority and segmentation are taken into account in the criteria. Seniority levels are classified as follows: - Junior: up to 3 years of experience - Full: from 3 to 8 years of experience - Senior: over 8 years of experience 4

The salary ranges are expressed in thousands of Reais[BRL] and do not include variable compensation, stock options and other benefits. The only exceptions are presented in the Banking area mapping, which values are expressed as fixed, variable and total (Total Package), and the Legal area, which shows the annual salary range paid as bonuses to professionals; The remuneration represents the monthly gross salary; N/A means that the remuneration does not apply to the specific position; The remuneration data has industry type segmentation only for the divisions that show large disparities; Asterisks represent notes at the page bottom: The positions are presented in alphabetical order in the table, except in the Banking, Insurance, Legal and Finance divisions; Historical comparative analysis among the Latin American countries brings as a criterion the mentioned positions job description and the remuneration applied to the area professionals in large sized companies. For further information on the Salary Survey and other marketing surveys, visit our Content Central on the site http://www.michaelpage.com.br/estudo.html If you want to learn deeply the high positions professionals remunerations and benefits (CEO, CFO, CCO, CMO, COO, and CHRO) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 5

SCENARIO AND PERSPECTIVES The Brazilian GDP low results in the year first quarter, high inflation and interests volatility have influenced the investment transit in 2013. In addition, factors such as the retail sector low growth estimate, civil construction activity stability and the purchase intent reduction by part of the population bring certain uncertainty to Brazilian organizations. And this is translated into less appetite for investment and hiring, in all professional areas of small, medium or large companies. Considering this scenario, the largest portion of the remuneration assessed in the Michael Page Salary Survey 2013/2014 remained stable, with no significant increases compared to the previous study, with few exceptions. However, even with the difficulties imposed by the current scenario, some areas grow in a consistent manner, with great emphasis on the Engineering and Technology areas. The shortage of qualified professionals who can keep up with this growth, in these and all assessed areas, is a constant. This directly influences the professionals remuneration. Some companies have faced increasing difficulties in filling management supporting positions. The behavioral and technical profile requirements of these professionals, added to the qualified personnel shortage make the selective processes increasingly lengthy and costly. According to a research conducted by Michael Page in January 2013 with 850 Brazilian executives, more than a half pointed out to the lack of skilled labor as the main obstacle to growth. For this reason the remuneration is so important. Professionals today are looking for a set of features in a professional project, and only the salary is not enough. However, the remuneration remains as one of the main attributes that define the choice or permanence of a professional in a certain company. The market has contracted with caution and weighted any decision criterion. Within those parameters, knowing the average remuneration in each area is crucial to draw a Human Resource strategy efficiently. Good reading! 6

COMPARATIVE 2013 x 2012 We compared the main positions mapped salaries in 2012 in relation to the study updated in 2013. Positions that are highlighted showing salary increase present an uptrend more concentrated in positions related to Engineering, Finance and Insurance. Some positions have shown a slight wage loss comparing to the previous study. New professionals hired were receiving less than the professionals who were already working in the area and occupied the position in the previous year. This happens as a result of the poor economy performance. Replacements in the technical areas, in which a senior professional can be replaced by another more junior, are a good example. In relation to the general study, it is noticed a wage stability in various expertise areas. 7

Division Position Remuneration Remuneration 2012 2013 Eng&Man HSE 18,000 20,000 11% Maintenance 18,000 20,000 11% Finance Administrative & Finance Director ** 42,000 45,000 7% Controller 22,000 25,000 14% Healthcare Product 20,000 20,000 STABLE Regulatory Affairs 18,000 19,000 6% HR Generalist HR 20,000 20,000 STABLE Organizational Development 24,000 22,000-8% Insurance Commercial 14,000 16,000 14% Operations ** 34,000 35,000 3% Legal Senior Tax Litigation Attorney 14,000 13,000-7% Marketing Communication or Marketing (Services) 18,000 18,000 STABLE P&C Incorporation Director 36,000 40,000 11% Sales Commercial Director (Integrators / OEMs) ** 34,000 35,000 3% Supply Logistic 20,000 20,000 STABLE Demand Planning or Production Manger 20,000 18,000-10% Tax Tax Director 40,000 35,000-13% * Considering the remuneration applied as maximum range, in large companies in São Paulo. ** For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 8

COMPARATIVE LATIN AMERICA We compared the average pay in 31 positions published in the Remuneration Studies 2013/2014 in the countries where we operate in Latin America - Brazil, Mexico, Argentina, Chile, Peru and Colombia. In 48% of all positions assessed, Brazil is still the country that best pays the management professionals in Latin America. Chile appears in the second position, paying more in 29% of the opportunities published. Peru appears in third place, with greater remuneration in 10% of assessed positions. Professionals in the Construction and Taxes areas have better remuneration in Brazil. Chile remunerates better the Sales, Supply and Human Resources professionals. Oil & Gas is a well remunerated area in Brazil and Peru. Technology is highlighted in remuneration in Brazil, Mexico and Chile. Colombia presented the lowest salaries in the positions assessed by the study. 9

Division Position Brasil 2013 (US$) Mexico 2013 (US$) Argentina 2013 (US$) Chile 2013 (US$) Peru 2013 (US$) Colombia 2013 (US$) Banking CFO* N/A 9800-14000 14000-22000 13500-18500 12500-16000 13000-15800 Credit and Risk Head 12556-14350 8900-13000 5600-7400 7500-11000 N/A 10000-12000 Eng&Man SSMA 4484-8969 3750-5500 4000-5000 10000-12000 5000-65000 6000-10000 Maintenance 4036-8969 3850-7200 4000-5000 1200-1400 7800-10000 6000-9000 Finance DAF* 8072-20179 7500-16000 7400-11000 10000-12500 N/A 6000-8000 Controller 5381-11211 5500-7500 5500-7500 6250-11250 5200-9000 6800-9500 Healthcare Senior Product 3587-8969 4000-7000 4000-5000 5000-8000 3500-6000 N/A HR Regulatory Affairs Human Resources Business Partner Organizational Development 5381-8520 3000-5000 6000-7500 7000-10000 4000-7200 N/A 4484-8969 7000-9000 4000-5000 3000-8000 2800-4700 4000-6000 4484-9865 4800-6800 6000-7000 6000-10000 4500-7200 5000-7000 HR Director* 11210-17937 6000-12000 10000-15000 10000-16000 10000-15000 6400-9000 Insurance Commercial 4484-7175 4200-6200 N/A 8000-10000 N/A N/A Operations Director* 10762-15695 10500-14600 N/A 10000-15000 N/A N/A Legal Senior Tax Lawyer 4484-6278 5000-6200 3500-5000 N/A N/A N/A Legal 5381-8969 5000-7500 7000-9000 N/A N/A N/A Oil & Gas HSE 6726-17937 N/A 5000-6000 N/A 13000-16000 3700-6600 P&C Technical/Operation Director (Medium and Heavy consutructions) Property Director (New Business - property market) 12108-17937 N/A N/A 9000-14000 7000-12000 10000-16000 11211-17937 6300-8000 N/A 8500-9500 7000-10500 5000-10000 Operations Director* 12107-17937 9000-12000 N/A 10000-15000 N/A N/A Retail Product 5381-8969 3000-4000 3000-4000 7500-8500 4000-6000 N/A Sales Marketing Operation 4484-8969 3000-5000 7400-9300 8000-14000 8000-14000 N/A Commercial Director* (Fashion) Commercial Director* (On media, publicity and Internet). IT Country (Sales Area Head) Marketing Director* FMCG 13452-17937 9000-12000 10000-13000 10000-15000 10000-18000 11000-13000 8072-12242 8000-12000 8000-9000 10000-18000 8000-16000 9000-18000 8969-20179 10000-15000 9000-12000 10000-24000 9000-16000 10000-20000 11210-20179 10000-20000 12000-15000 9000-12000 8000-14000 13000-15000 Supply Supply Chain 4933-9865 4150-7000 7500-9700 8000-11000 6000-10000 7000-10000 Purchasing / Product 4036-8969 3150-7000 6500-8500 5000-11000 4000-8000 5000-7500 Tax Tax 6726-11211 5500-7000 N/A N/A N/A N/A Tax Planning Director 11211-15695 8000-10500 N/A N/A N/A N/A TI Systems Arquitect 3363-4484 6500-9500 1500-2000 5000-7000 N/A N/A IT Director 8072-17937 8500-15000 6500-8500 12000-15000 N/A N/A * For further details about complete compensation package for Executive Board in Brazil ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil Conversion US$ 1 = R$ 2,23 Conversion US$ 1 = MX$ 13,00 Conversion US$ 1 = AR$ 5.38 Conversion US$ 1 = 502 CLP Conversion US$ 1 = 2.76 SOLES Conversion US$ 1.884 COP * Values have been rounded. 10

MICHAEL PAGE FINANCE

MICHAEL PAGE FINANCE The finance market is pretty solid, but like any market, it can suffer variations related to economy changes. The low GDP results for the year first quarter, high inflation, and interests mutation have influenced the investments inflow and outflow in the country, which has consequences for the finance professionals daily lives in all regions in Brazil. The market has increased the profile requirements in this sector, for all organization levels. Technical skills, international accounting knowledge, specific software mastering, languages, and easy transit among different areas are basic pre-requirements currently demanded to the professional. In addition, the Brazilian complex tax system demands professionals with solid expertise in the area. In multinational companies this is an even more important requirement, since there is a need to report operations results overseas. 12

Position Type / South RJ SP SP Countryside MG & Midwest N & NE Size Accountant S 6,000-9,000 6,000-8,000 8,000-10,000 7,000-9,000 8,000-10,000 6,000-8,000 M 8,000-11,000 8,000-10,000 9,000-13,000 9,000-12,000 9,000-12,000 8,000-10,000 L N/A 10,000-12,000 N/A 12,000-16,000 10,000-15,000 11,000-14,000 Accounting S 8,000-12,000 8,000-12,000 10,000-13,000 7,000-11,000 9,000-12,000 7,000-9,000 M 10,000-14,000 10,000-14,000 12,000-17,000 9,000-12,000 12,000-15,000 8,000-10,000 L 12,000-18,000 13,000-17,000 15,000-25,000 12,000-16,000 12,000-18,000 11,000-14,000 Internal Auditor S 5,000-7,000 6,000-8,000 8,000-10,000 5,000-7,000 6,000-8,000 5,000-7,000 Internal Audit Assistant Controller M 6,000-8,000 7,000-9,000 9,000-11,000 7,000-9,000 6,000-9,000 6,000-8,000 L 7,000-10,000 9,000-12,000 10,000-13,000 9,000-12,000 10,000-12,000 8,000-10,000 S-M 8,000-12,000 8,000-13,000 10,000-15,000 10,000-14,000 10,000-15,000 8,000-12,000 L 10,000-15,000 12,000-18,000 15,000-22,000 12,000-18,000 12,000-15,000 10,000-15,000 S 6,000-9,000 7,000-9,000 8,000-12,000 6,000-8,000 8,000-10,000 6,000-8,000 M 8,000-11,000 8,000-12,000 10,000-14,000 8,000-10,000 9,000-11,000 8,000-10,000 L 10,000-13,000 10,000-15,000 12,000-18,000 9,000-12,000 10,000-12,000 9,000-12,000 Plant Controller S 10,000-15,000 9,000-12,000 12,000-16,000 10,000-12,000 10,000-13,000 10,000-12,000 M 12,000-17,000 13,000-18,000 14,000-18,000 12,000-16,000 11,000-15,000 12,000-16,000 L 15,000-20,000 15,000-25,000 15,000-25,000 16,000-22,000 16,000-20,000 14,000-18,000 Controller S 10,000-15,000 10,000-15,000 12,000-18,000 11,000-15,000 10,000-12,000 10,000-12,000 Regional Controller M 12,000-16,000 12,000-18,000 15,000-20,000 13,000-18,000 13,000-16,000 12,000-15,000 L 15,000-22,000 15,000-25,000 20,000-25,000 18,000-22,000 18,000-25,000 15,000-20,000 S-M 14,000-18,000 12,000-20,000 15,000-22,000 14,000-18,000 12,000-15,000 12,000-15,000 L 16,000-22,000 15,000-25,000 22,000-35,000 18,000-25,000 17,000-24,000 15,000-20,000 Controllership Director* L 22,000-35,000 25,000-30,000 25,000-40,000 20,000-28,000 22,000-30,000 20,000-28,000 ** For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 13 Positions in related order by function not in alphabetical order.

Position Type / South RJ SP SP Countryside MG & Midwest N & NE Size Financial Planning Strategic Planning S N/A N/A N/A N/A N/A N/A M 12,000-18,000 10,000-15,000 12,000-20,000 12,000-15,000 10,000-14,000 10,000-15,000 L 15,000-20,000 15,000-20,000 15,000-25,000 15,000-20,000 16,000-20,000 15,000-20,000 S N/A N/A N/A N/A 10,000-15,000 N/A M 12,000-16,000 10,000-18,000 15,000-20,000 12,000-15,000 10,000-15,000 10,000-15,000 L 15,000-20,000 15,000-20,000 17,000-24,000 15,000-20,000 15,000-20,000 15,000-20,000 M&A S N/A N/A N/A N/A N/A N/A Credit & Collection M 12,000-16,000 12,000-15,000 16,000-22,000 12,000-16,000 12,000-15,000 12,000-15,000 L 18,000-25,000 15,000-22,000 18,000-25,000 16,000-20,000 15,000-20,000 15,000-20,000 S-M 8,000-10,000 10,000-13,000 12,000-16,000 10,000-15,000 9,000-15,000 10,000-12,000 L 12,000-18,000 13,000-18,000 15,000-22,000 15,000-20,000 13,000-18,000 12,000-15,000 Treasury S-M 10,000-18,000 12,000-15,000 12,000-20,000 12,000-15,000 12,000-18,000 10,000-15,000 Finance Project Treasury Director L 15,000-22,000 15,000-25,000 18,000-25,000 15,000-20,000 16,000-22,000 15,000-20,000 S N/A N/A N/A N/A N/A N/A M 12,000-16,000 12,000-18,000 14,000-20,000 12,000-15,000 11,000-15,000 12,000-16,000 L 15,000-20,000 18,000-22,000 17,000-24,000 15,000-20,000 14,000-20,000 16,000-20,000 L 22,000-35,000 20,000-30,000 25,000-35,000 N/A 20,000-28,000 N/A IR S-M 12,000-18,000 15,000-20,000 15,000-20,000 N/A 12,000-16,000 12,000-16,000 L 15,000-28,000 15,000-25,000 18,000-25,000 17,000-23,000 17,000-20,000 17,000-22,000 IR Director L 20,000-35,000 22,000-30,000 25,000-35,000 20,000-30,000 20,000-30,000 N/A Administrative & Financial Manger Administrative & Finance Director * S 10,000-13,000 7,000-9,000 10,000-14,000 9,000-12,000 8,000-11,000 7,000-9,000 M 12,000-16,000 9,000-12,000 12,000-18,000 12,000-15,000 11,000-15,000 10,000-15,000 L N/A 12,000-18,000 N/A 15,000-20,000 15,000-20,000 15,000-20,000 S 17,000-20,000 18,000-25,000 18,000-25,000 18,000-22,000 15,000-22,000 18,000-22,000 M 20,000-30,000 20,000-30,000 22,000-38,000 22,000-27,000 20,000-30,000 22,000-27,000 L 28,000-45,000 28,000-40,000 30,000-50,000 27,000-38,000 25,000-35,000 25,000-35,000 ** For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 14 Positions in related order by function not in alphabetical order.

MICHAEL PAGE TAX

MICHAEL PAGE TAX According to an internal survey conducted by Michael Page, in the recent years more than 25% of professionals hired by companies to work in finance were destined to tax area, which increasingly is no longer merely a back-office activity, to become one of the most strategic activities in an operation in Brazil. Still facing a generation conflict, few skilled professionals with foreign language fluency (mostly English) and experience in personnel management. The profiles are no longer the same, companies with greater operational complexity now seek not only the Tax to manage the day to day, but also a new for the Tax Planning, focused on bringing savings in taxes allegedly due and consequently financial return for the organization. The hierarchy also suffers changes. Large companies already have an executive to lead this department, most of the time (in the case of multinationals), reporting overseas. 16

Position Type / South RJ SP SP Countryside MG & Midwest N & NE Size Tax Coordinator S-M 6,000-10,000 6,000-9,000 8,000-12,000 9,000-10,000 6,000-11,000 6,500-8,500 L 8,000-12,000 9,000-13,000 10,000-14,000 10,000-13,000 9,000-13,000 9,000-11,000 Tax Director * L 20,000-30,000 18,000-30,000 25,000-35,000 22,000-30,000 18,000-30,000 18,000-30,000 Tax Expert or Consultant Tax Planning Senior or Regional Tax S-M 5,000-8,000 6,000-9,000 8,000-12,000 7,000-10,000 7,000-10,000 6,000-8,000 L 7,000-10,000 9,000-12,000 10,000-13,000 10,000-12,000 9,000-12,000 8,000-10,000 S-M 12,000-15,000 12,000-15,000 13,000-16,000 12,000-15,000 10,000-15,000 12,000-15,000 L 14,000-20,000 15,000-20,000 16,000-20,000 15,000-20,000 15,000-22,000 15,000-20,000 L 18,000-25,000 18,000-25,000 20,000-30,000 18,000-23,000 15,000-23,000 15,000-25,000 Tax S-M 8,000-14,000 10,000-15,000 10,000-15,000 12,000-15,000 10,000-14,000 8,000-12,000 L 14,000-20,000 15,000-20,000 15,000-25,000 15,000-20,000 12,000-20,000 12,000-17,000 Tax Compliance L 14,000-17,000 12,000-16,000 14,000-18,000 12,000-16,000 12,000-16,000 12,000-16,000 For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 17

MICHAEL PAGE BANKING & FINANCIAL SERVICES

MICHAEL PAGE BANKING & FINANCIAL SERVICES Due to the global crisis in 2008 that haunted great economic powers, some economy sectors decelerated, directly affecting its executives salaries. The Financial Market was one of the markets most affected by the crisis, and some economies like the USA and Europe have stagnated the sector professionals remuneration package. In Brazil, the situation is slightly different. According to the global survey conducted by Michael Page in January 2013, 71% of the financial market professionals have received salary increase in 2012. However, the GDP low results in the first quarter, the bank spread reduction of public banks, and the exchange rate variation have brought an increasingly conservative behavior to financial institutions that operate in the country when we talk about hiring executives. We have noticed that throughout this year the companies are hiring more cautiously, having greater concern about the executives quality and the operations efficiency. The trend is that the fixed remuneration package remains stable, without big gains in the next periods when talking about variable remuneration. 19

Fixed Variable Support Areas Retail /Middle Investment Retail / Middle Investment Bank Bank Bank Bank Credit/Risk Analysis Investors Relations Analysts 6,000-8,000 12,000-18,000 1-4 2-6 12,000-16,000 18,000-24,000 2-4 2-8 Head 18,000-25,000 28,000-32,000 6-8 5-10 Analysts 7,000-10,000 7,000-10,000 2-4 2-4 12,000-18,000 12,000-18,000 3-5 3-5 Head 22,000-28,000 22,000-28,000 6-10 6-10 CRM Analysts 6,000-8,000 7,000-10,000 1-3 2-4 12,000-16,000 14,000-18,000 2-4 2-5 Head 18,000-21,000 18,000-25,000 3-5 2-6 Auditor Analysts 6,000-8,000 8,000-12,000 2-4 2-5 12,000-16,000 14,000-18,000 2-4 2-4 Head 18,000-24,000 20,000-25,000 2-4 2-4 Accounting Analysts 5,000-10,000 6,000-12,000 2-3 2-5 12,000-20,000 14,000-18,000 2-4 2-4 Head 18,000-30,000 20,000-24,000 2-6 3-6 Controllership Analysts 5,000-10,000 8,000-12,000 2-4 2-4 12,000-20,000 14,000-18,000 2-4 3-6 Head 18,000-30,000 20,000-26,000 2-6 4-10 Costs Analysts 4,000-8,000 6,000-12,000 2-4 2-4 12,000-16,000 14,000-18,000 2-4 2-4 Head 18,000-24,000 20,000-24,000 2-4 3-6 FP&A Analysts 5,000-10,000 8,000-12,000 2-4 2-4 12,000-20,000 14,000-18,000 3-5 3-5 Head 18,000-30,000 20,000-25,000 3-6 4-8 Tax Analysts 5,000-10,000 5,000-10,000 1-3 2-4 Product Control Compliance// CI//PLD 12,000-20,000 12,000-20,000 2-6 3-6 Head 18,000-30,000 18,000-30,000 4-8 4-10 Analysts 5,500-8,700 6,500-9,200 2-4 2-4 10,500-15,000 12,000-18,000 2-5 3-6 Head 15,000-20,000 20,000-25,000 2-6 4-10 Analysts 6,000-8,000 8,000-10,000 2-4 2-4 12,000-16,000 14,000-18,000 2-5 3-6 Head 14,000-22,000 20,000-26,000 2-6 3-6 Operational Risk Analysts 4,000-6,000 6,000-8,000 2-4 2-5 12,000-16,000 14,000-18,000 2-4 2-5 Head 14,000-18,000 18,000-25,000 2-6 3-6 20

Fixed Variable Support Areas Retail / Middle Investment Retail / Middle Investment Bank Bank Bank Bank Cadaster // KYC Analysts 4,000-6,000 6,000-8,000 2-4 2-4 9,000-12,000 11,000-18,000 2-6 2-6 Head 12,000-16,000 14,000-18,000 2-6 2-6 Back-Office Analysts 5,000-8,000 5,700-9,500 2-4 2-4 9,000-14,000 12,000-18,000 2-4 2-4 Head 14,000-20,000 18,000-26,000 2-4 2-4 Operations Analysts N/A 5,000-9,500 N/A 2-4 N/A 11,000-18,000 N/A 3-6 Head N/A 15,000-26,000 N/A 4-10 Middle-Office Analysts 4,000-6,000 6,000-8,000 2-4 2-4 Treasury Middle-Office Treasury Products 9,000-12,000 11,000-18,000 2-4 2-4 Head 12,000-16,000 14,000-18,000 2-6 3-6 Analysts 5,500-8,700 6,500-9,200 2-4 2-4 10,500-15,000 12,000-18,000 2-6 3-6 Head 15,000-20,000 20,000-25,000 2-6 4-10 Analysts 5,000-8,000 6,000-9,000 2-4 2-4 10,000-14,000 11,000-18,000 2-6 3-6 Head 15,000-22,000 17,000-26,000 2-6 4-10 Assets Products Analysts 4,000-7,000 N/A 2-4 N/A 8,500-14,000 N/A 2-6 N/A Head 12,000-22,000 N/A 2-6 N/A Cash Products Analysts 4,000-7,000 6,000-9,000 2-4 2-6 8,500-14,000 11,000-18,000 2-6 2-6 Head 12,000-22,000 17,000-26,000 2-6 3-6 Credit Risk Analysts 5,000-8,000 6,000-9,000 2-4 2-4 12,000-15,000 14,000-18,000 3-6 3-6 Head 14,000-22,000 17,000-28,000 4-8 4-10 Market Risk Analysts 5,000-8,000 6,000-9,000 2-4 2-4 12,000-15,000 14,000-18,000 3-6 3-6 Head 14,000-25,000 16,000-30,000 4-8 4-10 CDC, Leasing & Consortium Fixed Variable Products Analysts 4,000-8,000 1-2 10,000-14,000 2-4 Head 22,000-28,000 2-6 Risks Analysts 4,000-8,000 1-3 12,000-16,000 2-4 Head 22,000-28,000 2-6 Operations Analysts 4,000-8,000 1-3 12,000-16,000 1-3 Head 22,000-28,000 2-4 Collection Analysts 4,000-8,000 1-3 12,000-16,000 1-3 Head 22,000-28,000 2-4 Commercial Analysts 4,000-8,000 1-2 12,000-16,000 2-4 Head 22,000-28,000 3-8 21

Fixed Variable Sales - Financial Retail / Middle Investment Retain / Middle Investment Institutions Bank Bank Bank Bank Private Banker Private Banker Assistant RM Middle Up to R$200MM AUM R$200MM to R$600MM AUM Over R$600MM AUM Junior 10,000-15,000 14,000-18,000 40,000-100,000 80,000-150,000 12,000-17,000 18,000-25,000 90,000-150,000 110,000-250,000 15,000-22,000 20,000-28,000 140,000-250,000 250,000-600,000 5,000-7,000 6,000-10,000 30,000-60,000 50,000-80,000 6,000-10,000 N/A 40,000-60,000 N/A RM Corporate Senior 12,000-15,000 N/A 60,000-100,000 N/A Junior 8,000-17,000 8,000-17,000 80,000-120,000 80,000-120,000 Senior 17,000-25,000 17,000-25,000 110,000-240,000 110,000-240,000 Sales Trader 18,000-22,000 18,000-28,000 150,000-200,000 200,000-400,000 Sales Institutional 15,000-20,000 18,000-25,000 130,000-200,000 150,000-300,000 Payment Means Fixed Variable Commercial Analysts 4,000-8,000 2-4 12,000-16,000 2-6 Head 22,000-28,000 2-8 Business Development Analysts 4,000-8,000 1-3 10,000-18,000 2-4 Head 24,000-28,000 2-6 Operations Analysts 4,000-8,000 1-4 12,000-18,000 2-5 Head 20,000-28,000 2-4 Products Analysts 4,000-8,000 1-4 12,000-16,000 2-4 Head 22,000-28,000 2-6 Projects & Processes Analysts 4,000-8,000 1-4 12,000-16,000 2-4 Head 22,000-28,000 2-6 Collection Analysts 4,000-8,000 1-4 12,000-16,000 2-4 Head 22,000-28,000 2-6 22

Investment Market Fixed Variable Total Comp. Investment Banking Analysts (1st, 2nd year) - 12,000-16,000 75,000-150,000 - Associates (1st, 2nd year) - 18,000-22,000 150,000-300,000 - VP - 22,000-35,000 350,000-650,000 - Directors - 40,000-45,000 700,000-850,000 - MD - 50,000-80,000 850,000-2,000,000 - Private Equity Analysts (1st, 2nd year) Up to R$1bi a.u.m - - 150,000-300,000 Over R$1bi a.u.m - - 200,000-400,000 Associates (1st, 2nd year) Up to R$1bi a.u.m - - 300,000-500,000 Over R$1bi a.u.m - - 400,000-600,000 VP Up to R$1bi a.u.m - - 500,000-700,000 + carry Over R$1bi a.u.m - - 600,000-800,000 + carry Directors/ Partners Up to R$1bi a.u.m - - From 800,000 + carry Over R$1bi a.u.m - - - Fixed Variable Asset Management Fund R$0-R$500MM a.u.m 3,000-5,000 150,000-350,000* R$500MM-R$1bi a.u.m 5,000-10,000 400,000-600,000* Over R$1bi a.u.m 5,000-10,000 600,000-1,000,000* Strategist R$0-R$500MM a.u.m 3,000-5,000 150,000-350,000* Share Analyst buy side (1 and 2 ) R$500MM-R$1bi a.u.m 5,000-10,000 400,000-600,000* Over R$1bi a.u.m 5,000-10,000 600,000-1,000,000* R$0-R$500MM a.u.m 3,000-5,000 150,000-350,000* R$500MM-R$1bi a.u.m 5,000-10,000 400,000-600,000* Over R$1bi a.u.m 5,000-10,000 600,000-1,000,000* Trader R$0-R$500MM a.u.m 3,000-5,000 100,000-250,000* R$500MM-R$1bi a.u.m 5,000-10,000 250,000-400,000* Over R$1bi a.u.m 5,000-10,000 450,000-600,000* Economist R$0-R$500MM a.u.m 3,000-5,000 100,000-250,000* R$500MM-R$1bi a.u.m 5,000-10,000 250,000-400,000* Over R$1bi a.u.m 5,000-10,000 450,000-600,000* *(variable with the fund performance) Corrector Share Analyst sell side (1, 2 and 3 ) - 12,000-50,000 75,000-800,000 Trader - 12,000-50,000 75,000-800,000 M&A Boutiques Analyst (1st, 2nd year) National Boutiques 3,000-5,000 70,000-110,000 International Boutiques 8,000-12,000 50,000-100,000 Associates (1st, 2nd year) National Boutiques 5,000-7,000 120,000-150,000 International Boutiques 12,000-15,000 150,000-180,000 23

MICHAEL PAGE INSURANCE

MICHAEL PAGE INSURANCE The insurance and reinsurance multinational consolidation in the country since the market opening, combined with the new players entry and the regional expansion in Brazil, made the insurance sector very attractive over the last year, mainly for professionals with commercial bias and/or professionals with specific technical expertise in the segment, due to its operational and regulatory peculiarities. The financial market instability over the last year also contributed to the insurance market oxygenation, which has been increasingly attracting professionals from other areas, given the career and earnings opportunities that this marketing has been offering, also with aggressive variable remuneration and comparable to retain banks. The infrastructure major investments in the Brazilian economy and the large companies operations expansion also have contributed to the Brazilian insurance market revenues increase, thus valuing the professionals with expertise in large risks and warranty. 25

Position Size South RJ SP SP Countryside Account Executive S-M 6,000-9,000 7,000-9,000 8,000-10,000 6,000-9,000 L 7,000-11,000 7,000-11,000 10,000-14,000 7,000-11,000 Actuary S-M N/A 9,000-12,000 10,000-14,000 N/A L N/A 12,000-15,000 13,000-17,000 N/A Commercial Director * S-M 20,000-24,000 20,000-25,000 22,000-32,000 20,000-26,000 L 20,000-28,000 22,000-30,000 25,000-40,000 22,000-28,000 Operations Director* S-M N/A 22,000-30,000 24,000-32,000 N/A L N/A 25,000-35,000 25,000-35,000 N/A Claims Director* S-M N/A 20,000-26,000 22,000-28,000 N/A L N/A 25,000-35,000 27,000-40,000 N/A Executive Director * S-M N/A 23,000-34,000 25,000-40,000 N/A L N/A 28,000-45,000 30,000-50,000 N/A Technical Director * S-M N/A 20,000-32,000 22,000-35,000 N/A L N/A 22,000-38,000 25,000-40,000 N/A Reinsurance Specialist S-M N/A 7,000-9,000 8,000-10,000 N/A L N/A 9,000-12,000 9,000-12,000 N/A Actuarial S-M N/A 10,000-15,000 13,000-17,000 N/A L N/A 15,000-20,000 14,000-21,000 N/A Commercial S-M 7,000-9,000 8,000-12,000 10,000-14,000 7,000-9,000 L 8,000-12,000 12,000-15,000 12,000-16,000 8,000-12,000 Branch S-M 8,000-12,000 8,000-12,000 11,000-15,000 8,000-12,000 L 9,000-13,000 10,000-15,000 12,000-17,000 9,000-13,000 Products S-M N/A 10,000-15,000 12,000-17,000 N/A L N/A 12,000-18,000 14,000-20,000 N/A Subscription S-M N/A 10,000-15,000 12,000-16,000 N/A Commercial Superintendent L N/A 12,000-17,000 14,000-18,000 N/A S-M 16,000-18,000 16,000-20,000 18,000-22,000 16,000-18,000 L 17,000-19,000 18,000-22,000 20,000-25,000 17,000-19,000 Underwriter S-M N/A 7,000-11,000 7,000-11,000 N/A L N/A 8,000-13,000 8,000-13,000 N/A For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 26

MICHAEL PAGE LEGAL

MICHAEL PAGE LEGAL No, you cannot This is no longer the most often phrase used among lawyers. Today the trend is not to deny, but rather make it feasible. Obviously not abstaining from the required caution, but the lawyer has increasingly understood the need to reconcile risks with gains. This is a guideline that has made this professional reach more strategic positions, assuming bigger chairs in the corporate scenario. The legal department of a company (including the offices that serve them) have gained essential role in the company success and left aside the bureaucratic, slow and expensive stigma. With this, the current market has searched professional who understand and are ready for this new trend. It is certain that they will be the new CLOs. 28

COMPANY Position Size South RJ SP CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M 2,000-4,000 0-2 N/A * 2,500-4,500 0-2 L 2,500-5,000 0-4 N/A * 3,000-5,000 0-4 Lawyer S-M 3,500-6,500 0-2 N/A * 3,500-7,000 0-2 Senior / Coordinator Lawyer (over 7 years ) L 4,500-7,500 0-4 N/A * 4,500-7,500 0-4 S-M 5,000-10,000 0-2 6,000-10,000 0-2 7,000-12,000 0-2 L 6,000-12,000 0-4 7,000-12,000 0-4 9,000-13,000 0-4 Legal S-M 9,000-16,000 0-2 9,000-16,000 0-2 12,000-16,000 0-2 L 10,000-20,000 0-4 12,000-20,000 0-4 14,000-20,000 0-4 Legal Director S-M 16,000-25,000 0-2 16,000-25,000 0-2 18,000-25,000 0-2 L 18,000-35,000 0-4 18,000-35,000 0-4 25,000-35,000 0-4 SP Countryside MG & Midwest N & NE CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M N/A * 2,500-4,500 0-2 N/A * L N/A * 3,000-5,000 0-4 N/A * Lawyer S-M N/A * 3,500-7,000 0-2 N/A * Senior / Coordinator Lawyer (over 7 years) L N/A * 4,500-7,500 0-4 N/A * S-M 6,000-9,000 0-2 6,000-11,000 0-2 6,000-9,000 0-2 L 8,000-11,000 0-4 7,000-13,000 0-4 8,000-11,000 0-4 Legal S-M 9,000-14,000 0-2 9,000-18,000 0-2 9,000-14,000 0-2 L 12,000-18,000 0-4 12,000-20,000 0-4 12,000-18,000 0-4 Legal Director S-M 16,000-20,000 0-2 16,000-25,000 0-2 16,000-20,000 0-2 L 18,000-35,000 0-4 18,000-35,000 0-4 18,000-35,000 0-4 29

OFFICE Position Size South RJ SP LABOR CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M 2,000-4,000 0-2 2,500-4,500 0-2 2,500-4,500 0-2 L 2,500-4,500 0-3 3,000-4,200 0-3 3,000-4,200 0-3 Lawyer S-M 2,500-5,000 0-2 3,000-5,500 0-2 3,000-5,500 0-2 L 4,000-8,000 0-3 4,000-8,000 0-3 4,000-8,000 0-3 Senior Lawyer * 6,000-10,000 0-3 7,000-11,000 0-3 8,000-12,000 0-3 SP Countryside MG & Midwest N & NE LABOR CLT Bonus CLT Bonus CLT Bonus Junior Lawyer P-M 2,500-4,500 0-2 2,500-4,500 0-2 2,000-4,000 0-2 L 3,000-4,200 0-3 3,000-4,200 0-3 2,500-4,500 0-3 Lawyer P-M 3,000-5,500 0-2 3,000-5,500 0-2 2,500-5,000 0-2 L 4,000-8,000 0-3 4,000-8,000 0-3 4,000-8,000 0-3 Senior Lawyer * 6,000-10,000 0-3 7,000-11,000 0-3 6,000-10,000 0-3 Position Size South RJ SP CIVIL LITIGATION CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M 2,000-4,500 0-2 0-2 0-2 2,500-4,500 0-2 L 2,500-5,500 0-3 0-3 0-3 3,000-4,200 0-3 Lawyer S-M 3,200-7,000 0-2 0-2 0-2 3,000-5,500 0-2 L 5,500-8,000 0-3 0-3 0-3 4,000-8,000 0-3 Senior Lawyer * 8,000-13,000 0-3 0-3 0-3 8,000-12,000 0-3 SP Countryside MG & Midwest N & NE CIVIL LITIGATION CLT Bonus CLT Bonus CLT Bonus Junior Lawyer P-M 0-2 0-2 2,500-4,500 0-2 2,000-4,000 0-2 L 0-3 0-3 3,000-4,200 0-3 2,500-4,500 0-3 Lawyer P-M 0-2 0-2 3,000-5,500 0-2 2,500-5,000 0-2 L 0-3 0-3 4,000-8,000 0-3 4,000-8,000 0-3 Senior Lawyer * 0-3 0-3 7,000-11,000 0-3 6,000-10,000 0-3 30

OFFICE Position Size South RJ SP TAX LITIGATION CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M 2,800-5,000 0-2 2,800-5,000 0-2 2,800-5,000 0-2 L 3,500-5,500 0-4 3,500-5,500 0-4 3,500-5,500 0-4 Lawyer S-M 4,200-7,000 0-2 4,200-7,000 0-2 4,200-7,000 0-2 L 5,500-7,500 0-4 5,500-7,500 0-4 5,500-7,500 0-4 Senior Lawyer * 8,800-13,000 0-4 8,800-13,000 0-4 10,000-13,500 0-4 SP Countryside MG & Midwest N & NE TAX LITIGATION CLT Bonus CLT Bonus CLT Bonus Junior Lawyer P-M 2,800-5,000 0-2 2,800-5,000 0-2 2,800-5,000 0-2 L 3,500-5,500 0-4 3,500-5,500 0-4 3,500-5,500 0-4 Lawyer P-M 4,200-7,000 0-2 4,200-7,000 0-2 4,200-7,000 0-2 L 5,500-7,500 0-4 5,500-7,500 0-4 5,500-7,500 0-4 Senior Lawyer * 8,000-12,000 0-4 8,800-13,000 0-4 8,000-12,000 0-4 Position Size South RJ SP TAX ADVISORY CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M 3.500-5.000 0-2 3.500-5.000 0-2 3.500-5.000 0-2 L 3.800-6.000 0-4 3.800-6.000 0-4 3.800-6.000 0-4 Lawyer S-M 5.000-7.500 0-2 5.000-7.500 0-2 5.000-7.500 0-2 L 6.000-8.000 0-4 6.000-8.000 0-4 6.000-8.000 0-4 Senior Lawyer * 10.000-14.000 0-4 10.000-14.000 0-4 10.000-14.500 0-4 SP Countryside MG & Midwest N & NE TAX ADVISORY CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M 3,500-5,000 0-2 3,500-5,000 0-2 3,500-5,000 0-2 L 3,800-6,000 0-4 3,800-6,000 0-4 3,800-6,000 0-4 Lawyer S-M 5,000-7,500 0-2 5,000-7,500 0-2 5,000-7,500 0-2 L 6,000-8,000 0-4 6,000-8,000 0-4 6,000-8,000 0-4 Senior Lawyer * 9,000-13,000 0-4 10,000-14,000 0-4 9,000-13,000 0-4 31

OFFICE Position Size South RJ SP CORPORATE / M&A CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M 3,000-5,000 0-3 3,500-5,500 0-3 3,500-5,500 0-3 L 3,500-6,000 0-5 3,800-6,000 0-5 3,800-6,000 0-5 Lawyer S-M 4,500-8,000 0-3 5,000-8,000 0-3 5,000-8,000 0-3 L 6,000-8,500 0-5 6,500-8,500 0-5 6,500-8,500 0-5 Senior Lawyer * 10,000-15,000 0-5 10,000-15,000 0-5 12,000-16,000 0-5 SP Countryside MG & Midwest N & NE CORPORATE / M&A CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M 3,000-5,000 0-3 3,500-5,500 0-3 3,500-5,500 0-3 L 3,500-6,000 0-5 3,800-6,000 0-5 3,800-6,000 0-5 Lawyer S-M 4,500-8,000 0-3 5,000-8,000 0-3 5,000-8,000 0-3 L 6,000-8,500 0-5 6,500-8,500 0-5 6,500-8,500 0-5 Senior Lawyer * 10,000-15,000 0-5 10,000-15,000 0-5 12,000-16,000 0-5 Position Size South RJ SP REAL ESTATE CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M 3,200-5,500 0-2 3,200-5,500 0-2 3,200-5,500 0-2 L 3,800-5,500 0-4 3,800-5,500 0-4 3,800-5,500 0-4 Lawyer S-M 4,000-7,000 0-2 4,000-7,000 0-2 4,000-7,000 0-2 L 6,000-8,000 0-4 6,000-8,000 0-4 6,000-8,000 0-4 Senior Lawyer * 10,000-14,000 0-4 10,000-14,000 0-4 10,000-15,000 0-4 SP Countryside MG & Midwest N & NE REAL ESTATE CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M 3,200-5,500 0-2 3,200-5,500 0-2 3,200-5,500 0-2 L 3,800-5,500 0-4 3,800-5,500 0-4 3,800-5,500 0-4 Lawyer S-M 4,000-7,000 0-2 4,000-7,000 0-2 4,000-7,000 0-2 L 6,000-8,000 0-4 6,000-8,000 0-4 6,000-8,000 0-4 Senior Lawyer * 10,000-14,000 0-4 10,000-14,000 0-4 10,000-15,000 0-4 32

OFFICE Position Size South RJ SP CAPITAL MARKET CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M N/A - 4,000-6,000-4,000-6,000 - L 4,000-6,000 0-6 4,000-6,000 0-6 4,000-6,000 0-6 Lawyer S-M N/A - 5,000-8,000-5,000-8,000 - L 6,000-9,000 0-6 6,000-9,000 0-6 6,000-9,000 0-6 Senior Lawyer * 10,000-15,000 0-6 10,000-15,000 0-6 11,000-16,000 0-6 SP Countryside MG & Midwest N & NE CAPITAL MARKET CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M 4,000-6,000-4,000-6,000 - N/A - L 4,000-6,000 0-6 4,000-6,000 0-6 4,000-6,000 0-6 Lawyer S-M 5,000-8,000-5,000-8,000 - N/A - L 6,000-9,000 0-6 6,000-9,000 0-6 6,000-9,000 0-6 Senior Lawyer * N/A 0-6 10,000-15,000 0-6 N/A 0-6 Position Size Office RJ SP REGULATORY / INFRA CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M N/A - 3,500-5,000-3,500-5,000 - L 3,800-5,500 0-4 3,800-5,500 0-4 3,800-5,500 0-4 Lawyer S-M N/A - 5,000-7,000-5,000-7,000 - L 6,000-9,000 0-4 6,000-9,000 0-4 6,000-9,000 0-4 Senior Lawyer * 9,500-12,000 0-4 10,500-13,000 0-4 10,000-13,000 0-4 SP Countryside MG & Midwest N & NE REGULATORY / INFRA CLT Bonus CLT Bonus CLT Bonus Junior Lawyer S-M N/A - 3,500-5,000-3,500-5,000 - L 3,800-5,500 0-4 3,800-5,500 0-4 3,800-5,500 0-4 Lawyer S-M N/A - 5,000-7,000-5,000-7,000 - L 6,000-9,000 0-4 6,000-9,000 0-4 6,000-9,000 0-4 Senior Lawyer * 9,500-12,000 0-4 10,500-13,000 0-4 10,000-13,000 0-4 33

BANKS Position Size South RJ SP CLT Bonus CLT Bonus CLT Bonus Junior Lawyer * 2,500-4,500 2-4 3,000-5,000 2-4 3,000-5,000 2-4 Lawyer * 4,500-7,000 2-4 5,000-8,000 2-4 5,000-8,000 2-4 Senior / Coordinator Lawyer (over 7 years) * 7,000-12,000 2-4 8,000-13,000 2-4 10,000-14,000 2-4 Legal * 12,000-21,000 2-6 13,000-21,000 2-4 14,000-22,000 2-4 Legal Director * 21,000-40,000 2-6 21,000-40,000 2-4 21,000-40,000 2-4 SP Countryside MG & Midwest N & NE Junior Lawyer * 3,000-5,000 2-4 3,000-5,000 2-4 2,500-4,500 2-4 Lawyer * 5,000-8,000 2-4 5,000-8,000 2-4 4,500-7,000 2-4 Senior / Coordinator Lawyer (over 7 years) * CLT Bonus CLT Bonus CLT Bonus 7,000-10,000 2-4 8,000-13,000 2-4 7,000-12,000 2-4 Legal * 13,000-19,000 2-4 13,000-21,000 2-4 12,000-20,000 2-6 Legal Director * 21,000-40,000 2-4 21,000-40,000 2-4 21,000-40,000 2-6 34

MICHAEL PAGE INFORMATION TECHNOLOGY

MICHAEL PAGE INFORMATION TECHNOLOGY Despite the constant tribulations in the Europe and USA markets, the technology area continues with uptrend in the companies, and professionals are still scarce. Strategic and intelligence areas conquer more and more space, and with the World Cup works in completion phase, the telecommunications and infrastructure areas impact might influence hiring in the coming months, and contribute to positive changes in the remuneration ranges. According to a survey conducted by IDC consultancy, disclosed in June 2013, the IT Brazilian sector might maintain the same growth rate of last year and increase from 10% to 12%. This investment increases the technology projects number in the companies that operate here, and further increases the demand for qualified professionals in the area. Development, Infrastructure and Systems are prominent hiring areas, requiring professionals skilled in updating, anticipating and adapting to new strategies with great celerity. 36

Position Type / Size South RJ SP DBA Database Senior Administrator Senior Business Analyst Business Partner Senior Software Quality Analyst S-M 7,500-9,000 7,000-9,000 7,500-10,000 L 8,500-11,000 9,000-11,000 9,000-12,000 S-M 6,500-9,000 7,000-9,000 7,500-9,500 L 7,000-9,500 7,000-9,000 7,000-9,000 S-M 6,500-7,500 7,000-8,000 7,500-8,500 L 7,000-8,500 7,000-8,500 8,000-9,000 Senior Security Analyst S-M 6,500-8,000 7,500-9,000 8,000-9,500 L 7,000-8,500 8,000-9,000 8,500-9,500 Senior System Analyst S-M 6,500-9,000 7,500-10,000 7,500-10,000 Senior Architect (Infra & Systems) L 7,500-10,000 8,000-10,000 8,000-10,000 S-M 7,500-12,000 8,500-12,500 8,500-12,500 L 8,000-14,000 9,000-14,500 9,000-14,500 Senior Consultant JDE S-M 7,000-8,500 7,000-8,500 7,500-10,000 L 7,500-10,000 7,000-9,000 8,000-12,000 Oracle ERP Senior Consultant S-M 7,000-8,500 8,000-10,000 8,000-10,000 RM / Microsiga / Datasul Senior Consultant L 7,500-10,000 8,000-15,000 8,000-15,000 S-M 7,000-8,500 7,000-9,000 7,500-9,000 L 7,500-10,000 7,000-10,000 7,500-10,000 SAP Basis Senior Consultant Company 7,000-8,500 7,000-9,000 7,000-9,000 Consulting 8,000-11,000 9,000-11,000 9,000-11,000 SAP BW Senior Consultant Company 7,000-11,000 8,000-12,000 8,000-12,000 Consulting 7,500-13,000 8,000-14,000 8,000-14,000 SAP CO Senior Consultant Company 7,000-10,000 7,000-10,000 7,000-10,000 Consulting 8,500-12,000 9,000-13,000 9,000-13,000 SAP FI Senior Consultant Company 7,000-10,000 7,000-10,000 7,000-10,000 Consulting 7,500-12,000 9,000-13,000 9,000-13,000 SAP HR Senior Consultant Company 7,000-11,000 8,000-13,000 8,000-13,000 Consulting 7,500-12,000 8,000-13,000 8,000-13,000 SAP MM Senior Consultant Company 7,000-10,000 7,000-10,000 7,000-10,000 Consulting 7,500-12,000 9,000-13,000 9,000-13,000 SAP SD Senior Consultant Company 7,000-10,000 7,000-10,000 7,000-10,000 Consulting 7,500-12,000 9,000-13,000 9,000-13,000 SAP WM Senior Consultant Company 7,000-10,000 8,000-12,000 8,000-12,000 Consulting 7,500-12,000 8,000-14,000 8,000-14,000 Java Senior Developer S-M 6,000-9,000 7,000-9,000 7,500-9,000 L 6,000-10,000 7,000-10,000 7,500-10,000 NET Senior Developer S-M 6,000-8,000 7,000-9,000 7,500-9,000 L 6,000-9,000 7,000-10,000 8,000-12,000 Infrastructure Director S-M 15,000-22,000 15,000-22,000 15,000-24,000 L 16,000-28,000 18,000-30,000 18,000-35,000 Operations Director * S-M 16,000-22,000 18,000-25,000 18,000-25,000 L 22,000-32,000 25,000-35,000 25,000-45,000 * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 37

Position Type / Size South RJ SP Projects Director S-M 14,000-20,000 15,000-22,000 15,000-22,000 L 17,000-25,000 20,000-30,000 20,000-30,000 Systems Director S-M 15,000-23,000 18,000-25,000 18,000-25,000 Technology Director (CIO) Technology & Operations Director (COO) * Business Intelligence Specialist / CRM Infrastructure Specialist / Telecom L 20,000-30,000 20,000-35,000 20,000-35,000 S-M 15,000-22,000 18,000-24,000 18,000-30,000 L 21,000-35,000 23,000-40,000 23,000-50,000 S-M 15,000-22,000 18,000-25,000 18,000-25,000 L 22,000-38,000 25,000-45,000 25,000-50,000 S-M 7,000-9,500 7,500-9,500 8,000-9,500 L 7,000-9,500 8,500-12,000 8,500-12,000 S-M 7,000-9,500 7,000-8,500 8,000-9,000 L 7,500-9,500 7,500-10,000 8,000-10,000 Proactive Sales Specialist S-M 7,000-9,000 7,000-9,500 8,000-9,500 L 8,000-10,000 8,500-15,000 9,000-15,000 IT Audit S-M 7,500-10,000 8,500-11,000 9,000-13,000 Business Intelligence / CRM L 8,500-11,000 8,500-13,000 11,000-16,000 S-M 10,000-13,000 12,000-14,000 12,000-14,000 L 12,000-15,000 14,000-17,000 14,000-17,000 Software Factory S-M 10,000-13,000 11,000-14,000 11,000-14,000 L 12,000-15,000 13,000-16,000 13,000-16,000 Infrastructure S-M 11,000-16,000 12,000-18,000 12,000-18,000 L 14,000-18,000 16,000-25,000 16,000-25,000 Internet S-M 10,000-12,000 10,000-13,000 10,000-16,000 Operations & Production (Datacenter) L 10,000-15,000 11,000-18,000 12,000-18,000 S-M 11,000-15,000 12,000-16,000 12,000-16,000 L 12,000-20,000 14,000-18,000 14,000-20,000 Proactive Sales S-M 11,000-16,000 12,000-18,000 12,000-18,000 Project (PMP) L 14,000-22,000 16,000-25,000 16,000-25,000 S-M 8,500-15,000 10,000-15,000 10,000-16,000 L 12,000-20,000 12,000-18,000 12,000-20,000 Software Quality S-M 10,000-14,000 11,000-14,000 11,000-14,000 L 11,000-14,000 13,000-15,000 13,000-19,000 Security S-M 7,500-11,500 8,500-11,000 11,000-14,000 L 9,500-15,000 9,000-15,000 13,000-18,000 Systems S-M 10,000-13,000 12,000-15,000 12,000-15,000 L 13,000-18,000 14,000-18,000 14,000-18,000 Technology S-M 10,000-17,000 10,000-16,000 12,000-18,000 Technology Executive Technology Supervisor / Coordinator L 14,000-21,000 15,000-22,000 15,000-24,000 S-M 14,000-20,000 14,000-19,000 14,000-22,000 L 17,000-27,000 17,000-23,000 17,000-26,000 S-M 8,000-10,000 7,000-9,000 8,500-12,000 L 9,000-13,000 8,000-11,000 10,000-15,000 For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 38

MICHAEL PAGE SALES

MICHAEL PAGE SALES Specialization. This is the primary requirement regarding the sales professionals who have been hired by companies that operate today in Brazil. Despite some sectors are going through challenging times, the good sales professionals are increasingly required. Both aiming to expand the sales force or to qualify the team, and having a high performance commercial team is critical to meet the increasingly demanding customers needs, expand business and ensure maximum profitability in every negotiation. Technical sales professionals, with consultative attitude, language and strong negotiation skills are in uptrend. Sales professionals in Services and Technology areas delineate the study salary growth, and become increasingly strategic within these structures. 40

Consumer Goods Position Size South RJ SP SP Countryside MG & Midwest N & NE Business Unit Director / Commercial Director * S-M 16,000-22,000 16,000-22,000 18,000-30,000 18,000-22,000 20,000-25,000 15,000-20,000 L 22,000-35,000 22,000-35,000 24,000-45,000 24,000-45,000 25,000-30,000 18,000-25,000 Key Accounts S-M 6,000-9,000 8,000-10,000 8,000-10,000 8,000-10,000 5,000-8,000 6,000-8,000 L 9,000-12,000 10,000-15,000 12,000-17,000 9,000-14,000 8,000-12,000 9,000-11,000 Commercial Projects S-M N/A N/A N/A N/A N/A N/A Revenue Management L 13,000-16,000 13,000-16,000 13,000-19,000 13,000-16,000 13,000-16,000 10,000-12,000 S-M N/A N/A N/A N/A N/A N/A L 14,000-17,000 14,000-16,000 14,000-17,000 14,000-17,000 14,000-17,000 10,000-12,000 Trade Marketing S-M 8,000-11,000 8,000-11,000 10,000-13,000 10,000-13,000 7,000-10,000 N/A L 10,000-16,000 12,000-18,000 16,000-21,000 16,000-21,000 10,000-15,000 8,000-10,000 National Sales S-M 13,000-18,000 13,000-18,000 15,000-20,000 15,000-20,000 15,000-19,000 10,000-12,000 L 18,000-24,000 18,000-24,000 18,000-25,000 18,000-24,000 19,000-23,000 12,000-15,000 Regional Sales S-M 10,000-13,000 10,000-13,000 10,000-13,000 10,000-13,000 9,000-12,000 8,000-10,000 L 13,000-16,000 13,000-16,000 13,000-16,000 13,000-16,000 12,000-17,000 12,000-15,000 Territorial Sales S-M 6,000-9,000 6,000-9,000 7,000-10,000 7,000-9,000 6,000-9,000 N/A L 9,000-12,000 9,000-12,000 10,000-13,000 9,000-12,000 9,000-12,000 10,000-12,000 Telecom Position Size South RJ SP SP Countryside MG & Midwest N & NE Operators Commercial Director * S-M 16,000-22,000 18,000-22,000 18,000-25,000 16,000-22,000 15,000-20,000 N/A L 18,000-30,000 20,000-30,000 30,000-50,000 18,000-30,000 18,000-30,000 22,000-30,000 National Sales S-M 10,500-16,000 12,000-16,000 15,000-20,000 10,500-16,000 12,000-17,000 N/A Sales Operations / Sales Management L 13,000-18,700 13,000-19,000 18,000-25,000 13,000-18,700 15,000-20,000 15,000-17,000 S-M 6,200-10,500 7,000-10,000 8,000-13,000 7,200-10,500 6,000-10,000 6,000-10,000 L 8,000-14,000 8,000-12,000 10,000-15,000 8,000-14,000 8,000-14,000 8,000-14,000 Regional Sales S-M 8,000-10,500 10,000-12,000 9,000-11,000 8,000-10,500 6,000-10,000 5,000-7,000 L 8,000-14,000 12,000-16,000 8,000-14,000 8,000-14,000 8,000-14,000 7,000-9,000 Integrators / OEMs Commercial Director * S-M 18,500-26,000 18,000-26,000 18,000-25,000 18,500-26,000 18,000-25,000 N/A L 20,000-35,000 20,000-35,000 20,000-35,000 20,000-35,000 20,000-35,000 N/A Accounts Director (no team) Accounts Director (farmer) New Business Director (hunter) S-M 12,000-18,000 12,000-18,000 12,000-18,000 12,000-18,000 12,000-18,000 N/A L 15,000-25,000 15,000-25,000 15,000-25,000 15,000-25,000 15,000-25,000 N/A S-M 7,500-10,500 7,000-10,000 6,000-10,000 7,500-10,500 6,000-10,000 N/A L 9,000-15,000 9,000-16,000 9,000-15,000 9,000-15,000 9,000-15,000 N/A Sales (with team) Channel Sales (no team) S-M 11,000-14,500 11,000-17,000 10,000-14,000 11,000-14,500 10,000-14,000 N/A L 15,000-20,000 15,000-20,000 14,000-20,000 15,000-20,000 14,000-20,000 N/A S-M 7,000-10,500 7,000-10,000 6,000-10,000 7,000-10,500 6,000-10,000 N/A L 10,000-14,300 10,000-14,000 9,000-14,000 10,000-14,300 9,000-14,000 N/A * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 41

Telecom Position Size South RJ SP SP Countryside MG & Midwest N & NE Telecom Software/ Services Business Development (Hunter) Country / Business Unit Director (with P&L) * S-M 9,000-14,000 9,000-14,000 8,000-14,000 9,000-14,000 8,000-12,000 7,000-10,000 L 13,000-20,000 13,000-20,000 12,000-20,000 13,000-20,000 13,000-20,000 11,000-18,000 S-M 20,000-30,000 20,000-30,000 20,000-30,000 20,000-30,000 20,000-30,000 14,000-22,000 L 25,000-45,000 25,000-45,000 25,000-45,000 25,000-45,000 25,000-45,000 22,000-30,000 Commercial Director * S-M 15,000-23,000 15,000-23,000 14,000-23,000 15,000-23,000 14,000-23,000 12,000-18,000 Accounts (farmer) Regional Sales / Accounts (LATAM) L 22,000-30,000 22,000-30,000 22,000-35,000 22,000-30,000 20,000-30,000 18,000-25,000 S-M 8,000-10,500 8,000-10,500 6,000-10,000 8,000-10,500 7,000-10,000 4,000-7,000 L 12,000-16,000 12,000-16,000 10,000-16,000 12,000-16,000 10,000-13,000 7,000-13,000 S-M 10,000-15,000 10,000-15,000 9,000-15,000 10,000-15,000 8,000-12,000 7,000-12,000 L 16,000-25,000 16,000-25,000 15,000-25,000 16,000-25,000 13,000-16,000 12,000-18,000 IT Position Size South RJ SP SP Countryside MG & Midwest N & NE Software Country / Commercial Director (with P&L) * S-M 19,000-25,000 19,000-25,000 18,000-25,000 19,000-25,000 18,000-25,000 14,000-19,000 L 27,000-50,000 27,000-50,000 25,000-50,000 27,000-50,000 25,000-50,000 20,000-30,000 Channels or Merger Director S-M 13,000-16,500 15,000-17,000 12,000-16,000 13,000-16,500 12,000-16,000 10,000-14,000 L 19,000-25,000 19,000-25,000 18,000-25,000 19,000-25,000 18,000-25,000 14,000-19,000 Commercial Director * S-M 16,700-25,000 17,000-25,000 16,000-24,000 16,700-25,000 16,000-24,000 15,000-18,000 Channels or Indirect Sales L 20,000-30,000 20,000-30,000 19,000-40,000 20,000-30,000 19,000-30,000 19,000-25,000 S-M 8,500-10,000 8,500-10,000 7,000-10,000 8,500-10,000 7,000-10,000 5,000-9,000 L 10,000-15,000 10,000-15,000 9,000-15,000 10,000-15,000 9,000-15,000 9,000-12,000 Accounts S-M 8,000-10,000 8,000-10,000 7,000-10,000 8,000-10,000 6,000-10,000 4,000-8,000 Sales (Team) L 12,000-18,000 12,000-18,000 10,000-18,000 12,000-18,000 10,000-18,000 8,000-13,000 S-M 13,000-16,000 13,000-16,000 12,000-16,000 13,000-16,000 12,000-16,000 10,000-13,000 L 16,000-22,000 16,000-22,000 15,000-22,000 16,000-22,000 15,000-22,000 13,000-17,000 Hardware Sales Channels / Operations Director * Business Unit Director / Commercial Director (with P&L) * S-M 12,500-16,000 13,000-16,000 12,000-16,000 12,500-16,000 12,000-16,000 10,000-14,000 L 18,500-25,000 18,000-25,000 18,000-25,000 18,500-25,000 18,000-25,000 13,000-18,000 S-M 14,500-24,000 14,000-24,000 14,000-24,000 14,500-24,000 14,000-24,000 10,000-18,000 L 20,000-30,000 20,000-30,000 25,000-45,000 20,000-30,000 19,000-30,000 18,000-22,000 Corporate Accounts S-M 8,500-12,000 8,000-12,000 7,000-12,000 8,500-12,000 7,000-12,000 5,000-8,000 Distribution / Retail Accounts Distribution / Retain (team management) Corporate Sales (team management) L 10,500-18,000 11,000-18,000 12,000-18,000 10,500-18,000 10,000-18,000 8,000-13,000 S-M 8,000-10,000 8,000-10,000 6,000-10,000 8,000-10,000 6,000-10,000 4,000-8,000 L 9,500-16,000 9,000-16,000 9,000-16,000 9,500-16,000 9,000-16,000 8,000-13,000 S-M 9,000-14,000 9,000-14,000 8,000-14,000 9,000-14,000 8,000-14,000 6,000-12,000 L 17,000-22,000 17,000-22,000 16,000-22,000 17,000-22,000 16,000-22,000 13,000-18,000 S-M 11,000-14,000 11,000-14,000 10,000-14,000 11,000-14,000 10,000-14,000 8,000-12,000 16,500-22,000 16,000-22,000 16,000-22,000 16,500-22,000 16,000-22,000 12,000-18,000 * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 42

IT Position Size South RJ SP SP Countryside MG & Midwest N & NE Services/Integrators Country / Commercial Director (with P&L) * Business Development (hunter) Vertical Sales / Accounts Director (with team) * Accounts (farmer) Sales (team management) S-M 19,000-30,000 19,000-30,000 18,000-30,000 19,000-30,000 18,000-30,000 15,000-19,000 L 33,000-50,000 33,000-50,000 33,000-50,000 33,000-50,000 33,000-50,000 20,000-30,000 S-M 9,000-14,000 9,000-14,000 8,000-14,000 9,000-14,000 8,000-14,000 5,000-9,000 L 13,000-22,000 13,000-22,000 12,000-22,000 13,000-22,000 12,000-22,000 9,000-15,000 S-M 17,000-24,000 17,000-24,000 16,000-24,000 17,000-24,000 16,000-24,000 13,000-20,000 L 20,000-30,000 20,000-30,000 19,000-30,000 20,000-30,000 19,000-30,000 15,000-20,000 S-M 8,000-10,000 8,000-10,000 6,000-10,000 8,000-10,000 6,000-10,000 4,000-7,000 L 10,000-15,000 10,000-15,000 9,000-15,000 10,000-15,000 9,000-15,000 8,000-12,000 S-M 11,000-16,000 11,000-16,000 10,000-16,000 11,000-16,000 10,000-16,000 8,000-13,000 L 18,000-23,000 18,000-23,000 17,000-23,000 18,000-23,000 17,000-23,000 14,000-18,000 Automotive Position Size South RJ SP SP Countryside MG & Midwest N & NE Car Parts Sales Directors * S-M 16,000-22,000 18,000-25,000 18,000-25,000 17,500-25,000 15000-22,000 15,000-20,000 Sales Engineer / KAM L 25,000-35,000 22,000-40,000 22,000-45,000 22,000-40,000 22,000-35,000 22,000-30,000 S-M 7,000-10,000 8,000-13,000 8,000-13,000 8,000-13,000 8,000-12,000 7,000-10,000 L 9,000-12,000 10,000-15,000 10,000-15,000 8,500-15,000 10,000-15,000 10,000-12,000 Sales S-M 10,000-14,000 12,000-18,000 12,000-18,000 12,000-17,000 10,000-15,000 10,000-14,000 L 14,000-20,000 15,000-22,000 15,000-22,000 14,000-22,000 12,000-17,000 14,000-20,000 Automakers Sales Consultant - Chain Sales / After Sales Director / Chain * National Chain Development S-M 6,000-9,000 5,000-8,000 5,000-8,000 6,500-8,000 4,000-7,000 5,000-7,000 L 7,000-11,000 7,000-12,000 7,000-12,000 8,000-12,000 5,500-8,800 6,000-8,000 S-M 20,000-27,000 20,000-27,000 20,000-27,000 20,000-27,000 18,000-25,000 20,000-25,000 L 25,000-40,000 25,000-40,000 25,000-40,000 25,000-40,000 22,000-30,000 25,000-35,000 S-M 9,000-13,000 10,000-15,000 10,000-15,000 9,000-13,000 9,000-12,000 10,000-13,000 L 15,000-20,000 14,000-22,000 14,000-22,000 12,000-20,000 13,000-16,000 15,000-20,000 National - Direct Sales S-M 9,000-13,000 12,000-18,000 12,000-18,000 13,000-18,000 14,000-20,000 12,000-18,000 L 15,000-20,000 16,000-23,000 16,000-23,000 16,500-23,000 15,000-22,000 15,000-20,000 After Sales Regional Director S-M 7,000-10,000 8,000-12,000 8,000-12,000 8,500-12,000 12,000-18,000 8,000-10,000 Regional Sales Representative - Direct L 8,000-12,000 10,000-16,000 10,000-16,000 10,000-16,000 14,800-21,000 10,000-12,000 S-M 7,000-10,000 10,000-13,000 10,000-13,000 10,000-13,000 10,000-12,000 8,000-10,000 L 8,000-12,000 12,000-16,000 12,000-16,000 12,000-16,000 13,000-18,000 10,000-12,000 * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 43

Chemical Position Size South RJ SP SP Countryside MG & Midwest N & NE Business Unit Director / Commercial Director * S-M 15,000-20,000 18,000-25,000 18,000-25,000 18,000-25,000 18,000-25,000 15,000-18,000 L 20,000-28,000 22,000-35,000 25,000-45,000 22,000-35,000 22,000-35,000 18,000-25,000 Sales Engineer S-M 7,000-10,000 8,000-12,000 7,000-11,000 7,000-11,000 7,000-11,000 5,000-7,000 L 8,000-12,000 10,000-14,000 8,000-12,000 6,000-9,000 6,000-9,000 7,000-10,000 Commercial S-M 13,000-15,000 10,000-14,000 13,000-18,000 13,000-18,000 13,000-18,000 7,000-9,000 L 14,000-18,000 15,000-20,000 15,000-22,000 15,000-20,000 15,000-20,000 9,000-12,000 Accounts S-M 7,000-10,000 8,000-11,000 8,000-12,000 8,000-12,000 8,000-12,000 N/A Business Unit / Country L 8,000-12,000 12,000-16,000 9,000-14,000 9,000-14,000 9,000-14,000 9,000-12,000 S-M 12,000-16,000 16,000-20,000 15,000-20,000 13,000-18,000 13,000-18,000 10,000-12,000 L 14,000-18,000 18,000-24,000 18,000-25,000 15,000-20,000 15,000-20,000 12,000-15,000 Infrastructure Position Size South RJ SP SP Countryside MG & Midwest N & NE Business Unit Director / Commercial Director * S-M 20,000-24,000 22,000-27,000 22,000-26,000 22,000-26,000 22,000-26,000 20,000-25,000 L 24,000-28,000 25,000-30,000 25,000-45,000 24,000-30,000 24,000-30,000 25,000-30,000 Sales Engineer S-M 5,000-8,000 7,000-12,000 7,000-12,000 7,000-12,000 6,300-11,500 5,000-7,000 Sales Administration L 8,000-10,000 12,000-15,000 8,000-14,000 8,000-14,000 8,000-14,000 7,000-9,000 S-M 10,000-15,000 9,000-14,000 9,000-14,000 9,000-14,000 9,000-14,000 9,000-14,000 L 12,000-16,000 10,000-14,000 12,000-17,000 10,000-14,000 10,000-14,000 10,000-14,000 Commercial S-M 10,000-15,000 14,000-18,000 14,000-18,000 14,000-18,000 14,000-18,000 8,000-10,000 L 12,000-16,000 15,000-20,000 15,000-20,000 15,000-20,000 15,000-20,000 10,000-12,000 Accounts S-M 8,000-12,000 9,000-14,000 9,000-14,000 9,000-14,000 9,000-14,000 N/A L 8,000-10,000 10,000-16,000 10,000-16,000 10,000-16,000 10,000-16,000 9,000-12,000 Capital Goods Position Size South RJ SP SP Countryside MG & Midwest N & NE Business Unit Director / Commercial Director * S-M 15,000-20,000 20,000-25,000 20,000-25,000 20,000-25,000 18,000-25,000 15,000-20,000 L 20,000-28,000 22,000-30,000 22,000-35,000 22,000-30,000 25,000-35,000 20,000-30,000 Sales Engineer S-M 5,000-8,000 6,000-10,000 6,000-10,000 6,000-10,000 4,500-10,000 5,000-7,000 Sales Administration L 8,000-10,000 7,000-12,000 7,000-12,000 7,000-12,000 8,000-12,000 7,000-10,000 S-M 8,000-12,000 8,000-12,000 8,000-12,000 8,000-12,000 8,500-13,500 8,000-12,000 L 9,000-13,000 9,000-13,000 9,000-13,000 9,000-13,000 10,000-15,000 9,000-13,000 Commercial S-M 10,000-15,000 12,000-16,000 12,000-16,000 12,000-16,000 10,000-18,000 10,000-12,000 L 12,000-16,000 14,000-18,000 14,000-18,000 14,000-18,000 15,000-20,000 12,000-16,000 Accounts S-M 8,000-12,000 8,000-12,000 8,000-12,000 8,000-12,000 6,000-10,000 8,000-10,000 L 8,000-10,000 9,000-14,000 9,000-14,000 9,000-14,000 10,000-15,000 10,000-12,000 * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 44

Real Estate and Civil Construction Position Size South RJ SP SP Countryside MG & Midwest N & NE Business Unit Director / Commercial Director * S-M 12,000-18,000 16,000-25,000 16,000-25,000 12,000-18,000 12,000-18,000 12,000-15,000 L 16,000-22,000 22,000-35,000 25,000-45,000 15,000-25,000 15,000-25,000 15,000-25,000 National Sales S-M 8,000-12,000 15,000-18,000 15,000-20,000 8,000-12,000 8,000-12,000 8,000-12,000 L 12,000-18,000 18,000-24,000 18,000-25,000 12,000-18,000 12,000-18,000 12,000-18,000 Regional Sales S-M 6,000-8,000 8,000-10,000 6,000-8,000 6,000-8,000 6,000-8,000 6,000-8,000 L 8,000-12,000 10,000-12,000 10,000-15,000 8,000-12,000 8,000-12,000 8,000-12,000 Media, Advertising & Internet Position Size South RJ SP SP Countryside MG & Midwest N & NE Commercial Director / Country * S-M 15,000-18,500 15,000-18,000 18,000-22,000 15,000-18,500 14,000-18,000 15,000-20,000 L 22,000-35,000 18,000-35,000 20,000-40,000 22,000-35,000 22,000-35,000 20,000-25,000 Business Executive S-M 3,500-7,500 5,000-8,500 5,000-8,500 6,500-9,500 5,500-8,500 5,000-7,000 L 7,500-10,000 6,500-9,000 7,000-10,000 7,500-10,000 6,500-9,000 6,000-9,000 Commercial / Business Development S-M 10,000-15,000 8,000-14,000 9,000-14,000 10,000-15,000 9,000-14,000 8,000-10,000 L 12,500-18,000 12,000-17,000 12,000-17,000 12,500-18,000 12,000-17,000 10,000-15,000 Accounts S-M 6,500-10,000 7,000-12,000 6,500-12,000 7,500-12,000 8,000-11,000 8,000-10,000 L 8,500-13,000 9,000-13,000 8,000-15,000 8,000-13,000 11,000-14,000 10,000-12,000 Logistics Position Size South RJ SP SP Countryside MG & Midwest N & NE Business Unit Director / Commercial Director * S-M 15,000-23,000 15,000-23,000 15,000-25,000 15,000-23,000 18,000-23,000 15,000-20,000 L 24,000-35,000 24,000-35,000 24,000-40,000 24,000-35,000 25,000-30,000 20,000-25,000 Commercial S-M 7,000-11,000 10,000-13,000 10,000-13,000 10,000-13,000 8,000-12,000 8,000-10,000 L 12,000-16,000 12,000-18,000 12,000-19,000 12,000-18,000 10,000-15,000 10,000-15,000 Accounts S-M 6,000-8,000 6,500-8,000 6,000-9500 6,500-8,000 7,000-9,000 6,000-8,000 L 7,000-12,000 7,500-12,000 7,000-12,000 7,500-12,000 9,000-11,000 7,000-12,000 Trade Lane S-M 7,000-10,000 8,000-10,000 7,000-12,000 8,000-10,000 7,000-10,000 N/A L 9,000-12,000 9,500-12,000 10,000-15,000 9,500-12,000 9,000-12,000 N/A * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 45

Health Care Position Size South RJ SP SP Countryside MG & Midwest N & NE Business Unit Director / Commercial Director * S-M 18,000-22,000 18,000-22,000 18,000-22,000 18,000-22,000 20,000-25,000 10,000-15,000 L 22,000-30,000 22,000-35,000 25,000-40,000 22,000-37,000 25,000-30,000 17,000-25,000 District or Territorial Sales S-M 6,500-8,500 6,000-8,000 7,500-9,500 6,500-8,500 7,000-10,000 N/A L 8,000-10,000 9,000-12,000 8,000-12,000 8,000-10,000 10,000-15,000 N/A National Sales S-M 13,000-18,000 13,000-18,000 15,000-22,000 15,000-22,000 14,000-18000 N/A L 18,000-24,000 18,000-24,000 18,000-24,000 18,000-24,000 15,000-20,000 N/A Regional Sales S-M 9,000-12,000 9,000-12,000 8,000-12,000 8,000-12,000 10,000-12,000 10,000-12,000 L 12,000-15,000 12,000-14,000 10,000-14,000 10,000-14,000 12,000-15,000 12,000-15,000 Trade Marketing S-M 8,000-12,000 8,000-11,000 8,000-12,000 8,000-12,000 6,000-9,000 N/A L 10,000-14,000 12,000-16,000 10,000-14,000 10,000-14,000 10,000-15,000 N/A Oil & Gas Position Size 2013 New Business Development Director S-M 20,000-25,000 L 25,000-35,000 New Business Development S-M 15,000-20,000 L 20,000-27000 National Sales S-M 10,000-14,000 L 14,000-18,000 Sales Engineer S-M 10,000-12,000 L 12,000-15,000 * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 46

MICHAEL PAGE MARKETING

MICHAEL PAGE MARKETING Digital Revolution, big data and new media investment shift aiming greater scope, diversification and primarily greater control and return on marketing investments. These are the characteristics that best define the new marketing professional who performs in Brazil today, more business focused and being much more challenged for short and medium-term results. The services sector showed the greatest positions increase in the year and the B2B segments are the ones with major salary impacts in the category, mainly in Rio de Janeiro and in the Minas Gerais and Midwest regions. Online marketing professionals, CRM, strategic planning and integrated communication including advertising, corporate communications and content were highly searched and continue being the bet for the next period. The consumer goods sector despite being largely impacted by the retail warm beginning of the year, also invested/restructured internal areas focusing on professionals who can anticipate the market movement, new media and technology use, thus measuring the return that each of the platforms can bring to the business. 48

Position Size South RJ SP SP Countryside MG & Midwest N & NE Services Communications or Marketing Director* Communications or Marketing Market Intelligence Manger Online Marketing S-M 13,000-16,000 16,000-18,000 20,000-25,000 16,000-18,000 15,000-18,000 N/A L 18,000-23,000 20,000-30,000 25,000-35,000 20,000-25,000 20,000-25,000 15,000-20,000 S-M 8,000-12,000 10,000-13,000 10,000-15,000 11,000-13,000 8,000-12,000 7,000-9,000 L 12,000-16,000 14,000-18,000 12,000-18,000 14,000-18,000 13,000-17,000 8,000-11,000 S-M 9,000-11,000 9,000-11,000 9,000-12,000 9,000-10,000 8,000-10,000 7,000-10,000 L 12,000-15,000 12,000-16,000 12,000-18,000 12,000-15,000 10,000-14,000 8,000-12,000 S-M 9,000-10,000 9,000-12,000 10,000-15,000 9,000-10,000 8,000-10,000 N/A L 10,000-14,000 12,000-16,000 14,000-20,000 11,000-14,000 10,000-14,000 N/A Pharmaceutical Communications or Marketing Director* Communications or Marketing Market Intelligence Manger S-M 19,000-22,000 18,000-22,000 20,000-30,000 19,000-22,000 20,000-25,000 15,000-20,000 L 24,000-30,000 25,000-40,000 25,000-40,000 24,000-40,000 24,000-30,000 18,000-25,000 S-M 9,000-14,000 11,000-13,000 12,000-15,000 12,000-13,000 9,000-14,000 7,000-12,000 L 12,000-17,000 14,000-18,000 15,000-20,000 15,000-18,000 12,000-17,000 8,000-15,000 S-M 12,000-16,000 9,000-12,000 9,000-12,000 12,000-16,000 7,000-10,000 7,000-10,000 L 15,000-18,000 10,000-16,000 10,000-16,000 15,000-18,000 10,000-14,000 8,000-12,000 IT & Telecom Communications or Marketing Director* Communications or Marketing S-M 15,000-20,000 20,000-25,000 20,000-25,000 N/A 15,000-18,000 12,000-18,000 L 20,000-25,000 22,000-35,000 28,000-48,000 N/A 20,000-25,000 15,000-20,000 S-M 9,000-10,000 12,000-17,000 12,000-17,000 9,000-10,000 8,000-12,000 8,000-12,000 L 10,000-14,000 12,000-20,000 15,000-20,000 13,000-15,000 13,000-17,000 9,000-15,000 CRM S-M 8,000-10,000 9,000-14,000 9,000-14,000 8,000-10,000 8,000-10,000 8,000-10,000 Market Intelligence L 10,000-12,000 12,000-16,000 12,000-18,000 9,000-12,000 10,000-14,000 9,000-12,000 S-M 8,000-10,000 9,000-13,000 9,000-14,000 8,000-12,000 8,000-10,000 7,000-10,000 L 10,000-15,000 12,000-18,000 12,000-18,000 10,000-15,000 10,000-14,000 8,000-12,000 Pricing S-M 8,000-10,000 9,000-13,000 9,000-13,000 9,000-12,000 8,000-10,000 7,000-10,000 L 9,000-14,000 12,000-16,000 12,000-16,000 9,000-14,000 10,000-14,000 8,000-12,000 Product S-M 8,000-9,000 8,000-12,000 8,000-14,000 8,000-9,000 8,000-10,000 7,000-10,000 L 10,000-14,000 10,000-15,000 12,000-17,000 10,000-14,000 10,000-14,000 9,0000-15,000 * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 49

Position Size South RJ SP SP Countryside MG & Midwest N & NE Chemical Agribusiness Communications or Marketing Director* S-M 15,000-20,000 20,000-30,000 18,000-25,000 N/A 20,000-25,000 N/A L 19,000-25,000 24,000-40,000 24,000-40,000 19,000-25,000 24,000-30,000 20,000-25,000 Institutional Relations Director Communications or Marketing Market Intelligence S-M 14,000-16,000 22,000-27,000 20,000-25,000 15,000-18,000 14,000-18,000 10,000-12,000 L 18,000-22,000 24,000-34,000 24,000-34,000 19,000-22,000 19,000-23,000 12,000-15,000 S-M 9,000-14,000 17,000-20,000 14,000-18,000 11,000-15,000 9,000-14,000 8,000-10,000 L 12,000-17,000 20,000-26,000 18,000-25,000 16,000-22,000 12,000-17,000 10,000-12,000 S-M 8,000-10,000 9,000-13,000 9,000-13,000 8,000-9,000 7,000-10,000 7,000-10,000 L 10,000-15,000 12,000-16,000 14,000-18,000 11,000-14,000 10,000-14,000 8,000-15,000 Product S-M 7,000-11,000 12,000-16,000 9,000-14,000 9,000-12,000 7,000-11,000 7,000-10,000 L 12,000-15,000 15,000-20,000 15,000-20,000 12,000-15,000 12,000-15,000 9,000-15,000 Advertising Agencies Service Director S-M 12,000-18,000 15,000-20,000 15,000-20,000 22,000-30,000 12,000-18,000 10,000-12,000 L 25,000-30,000 25,000-35,000 25,000-40,000 30,000-40,000 18,000-25,000 12,000-18,000 Media Director S-M 13,000-20,000 14,000-20,000 15,000-25,000 17,000-20,000 12,000-18,000 10,000-12,000 L 20,000-30,000 20,000-45,000 22,000-45,000 26,000-30,000 18,000-25,000 12,000-18,000 Planning Director S-M 12,000-18,000 15,000-20,000 15,000-22,000 21,000-25000 12,000-18,000 10,000-12,000 L 20,000-25,000 25,000-35,000 25,000-35,000 25,000-35000 18,000-25,000 12,000-18,000 Service S-M 6,000-10,000 8,000-12,000 10,000-14,000 8,000-12,000 6,000-9,000 6,000-8,000 L 10,000-15,000 12,000-16,000 12,000-18,000 12,000-15,000 8,000-12,000 7,000-10,000 Media S-M 6,000-10,000 8,000-12,000 10,000-14,000 8,000-12,000 6,000-9,000 6,000-8,000 L 10,000-17,000 12,000-18,000 12,000-18,000 10,000-16,000 8,000-12,000 8,000-12,000 Planning S-M 6,000-10,000 9,000-12,000 9,000-14,000 9,000-12,000 6,000-9,000 6,000-9,000 L 10,000-15,000 12,000-16,000 14,000-18,000 13,000-18,000 8,000-12,000 8,000-12,000 Civil & Heavy Construction Communications or Marketing Director* S-M N/A N/A N/A N/A N/A L 20,000-27,000 25,000-35,000 25,000-35,000 23,000-28,000 20,000-27,000 15,000-20,000 Communications or Marketing S-M 8,000-12,000 10,000-15,000 10,000-15,000 11,500-15,000 8,000-12,000 8,000-12,000 L 12,000-18,000 15,000-20,000 15,000-20,000 16,000-19,000 12,000-18,000 9,000-12,000 CRM S-M N/A N/A N/A N/A N/A N/A L 12,000-15,000 13,000-18,000 13,000-18,000 12,500-15,000 12,000-16,000 8,000-15,000 Intelligence S-M N/A N/A N/A N/A N/A N/A L 10,000-15,000 10,000-15,000 10,000-15,000 12,500-15,000 12,000-16,000 10,000-14,000 For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 50

Position Size South RJ SP SP Countryside MG & Midwest N & NE Banks Communications or Marketing Director* Communications or Marketing S-M N/A N/A 22,000-27,000 N/A N/A N/A L N/A N/A 30,000-50,000 N/A 18,000-30,000 N/A S-M N/A N/A 10,000-15,000 N/A N/A N/A L N/A N/A 15,000-25,000 N/A 12,000-18,000 N/A CRM S-M N/A N/A 9,000-13,000 N/A N/A N/A Market Intelligence L N/A N/A 12,000-20,000 N/A 10,000-14,000 N/A S-M N/A N/A 9,000-13,000 N/A N/A N/A L N/A N/A 15,000-20,000 N/A 10,000-15,000 N/A Consumer Goods Communications or Marketing Director* Business Unit Director Communications or Marketing Group / Category Market Intelligence S-M 19,000-23,000 18,000-30,000 20,000-30,000 20,000-30,000 18,000-22,000 16,000-22,000 L 20,000-28,000 25,000-45,000 35,000-45,000 30,000-45,000 19,000-23,000 18,000-25,000 S-M 19,000-21,000 20,000-30,000 25,000-35,000 20,000-30,000 16,000-20,000 15,000-25,000 L 21,000-26,000 25,000-45,000 35,000-45,000 30,000-45,000 20,000-25,000 20,000-30,000 S-M 11,000-13,000 11,000-18,000 15,000-20,000 14,000-19,000 10,000-12,000 7,000-12,000 L 13,000-18,000 16,000-22,000 16,000-25,000 16,000-23,000 14,000-18,000 9,000-15,000 S-M 13,000-15,000 12,000-18,000 15,000-20,000 15,000-20,000 12,000-15,000 10,000-12,000 L 15,000-17,000 18,000-24,000 18,000-24,000 18,000-24,000 16,000-19,000 15,000-20,000 S-M 8,000-11,000 10,000-15,000 10,000-15,000 10,000-15,000 8,000-10,000 8,000-10,000 L 11,000-16,000 14,000-20,000 14,000-20,000 14,000-18,000 10,000-15,000 10,000-15,000 Innovations S-M 11,000-14,000 12,000-16,000 12,000-16,000 12,000-16,000 12,000-15,000 12,000-15,000 L 13,000-15,000 15,000-20,000 15,000-20,000 15,000-20,000 16,000-19,000 15,000-20,000 Branding S-M 9,000-12,000 12,000-16,000 12,000-16,000 12,000-16,000 10,000-13,000 8,000-12,000 L 12,000-18,000 15,000-20,000 15,000-20,000 15,000-20,000 13,000-18,000 10,000-15,000 Product S-M 7,000-11,000 8,000-12,000 8,000-12,000 7,000-11,000 7,000-12,000 7,000-12,000 Digital Marketing L 8,000-13,000 10,000-15,000 10,000-15,000 8,000-14,000 12,000-17,000 9,000-15,000 S-M 9,000-12,000 9,000-12,000 10,000-13,000 7,000-11,000 7,000-9,000 7,000-10,000 L 10,000-15,000 10,000-15,000 12,000-17,000 9,000-14,000 9,000-12,000 9,000-12,000 For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 51

MICHAEL PAGE RETAIL

MICHAEL PAGE RETAIL The year started hard for retail for two reasons: operation costs increase (salary, exchange fluctuation and real estate) and population consumption reduction. Driven by the income growth in 2011 and 2012, the general population is more indebted and the consumption early 2013 decelerated. Therefore, the Retail was pushed by internal scale gains to be able to generate more operational profit and started to invest more at the end of the 1st semester 2013, mainly in the finance, supply chain and loss prevention areas. In the commercial, marketing and sales areas, the greater focus has been on the management level professionalization driven by the local/regional chains growth in expansion to large consumer centers, such as RJ, Greater São Paulo and Countryside of São Paulo The beginning of the year also generated changes in multinational boards - which impacted in the management team renewal in the 2nd and 3rd quarter. In shops, the bet is on the shopping centers growth and in the job offer expansion by a greater mix of retailers. At managerial levels, the main challenge (and cause for salary increases) comes from the multinationals growth and the high demand for professionals with experience and English language. The main demand is for a professional with managerial profile and P&L management notions. 53

Position Size South SP SP Countryside MG & Midwest N & NE Shopping Center Superintendent S-M 25,000-30,000 20,000-30,000 N/A 17,000-23,000 N/A L 30,000-40,000 30,000-45,000 N/A 22,000-27,000 N/A Regional S-M 15,000-18,000 15,000-18,000 20,000-25,000 12,000-16,000 N/A L 19,000-25,000 18,000-25,000 25,000-30,000 18,000-25,000 N/A Marketing Director * S-M 19,000-22,000 18,000-22,000 N/A N/A N/A L 23,000-28,000 22,000-28,000 N/A N/A N/A Marketing S-M 12,000-14,000 10,000-12,000 9,000-11,000 8,000-12,000 7.000-9.000 L 13,000-16,000 12,000-16,000 9,000-12,000 13,000-18,000 10.000-13.000 Superintendent S-M 21,000-30,000 20,000-30,000 N/A 18,000-25,000 N/A L 30,000-40,000 30,000-40,000 N/A 22,000-30,000 N/A Fashion & Textile Commercial Director * S-M 16,000-20,000 18,000-25,000 16,000-20,000 17,000-22,000 N/A L 22,000-30,000 30,000-40,000 18,000-23,000 25,000-30,000 N/A Marketing Director * S-M 13,000-17,000 18,000-25,000 12,000-17,000 13,000-17,000 14,000-16,000 L 18,000-25,000 25,000-35,000 15,000-20,000 18,000-25,000 17,000-20,000 Operations Director * S-M 15,000-21-000 18,000-25,000 14,000-20,000 15,000-21-000 14,000-20,000 Franchise Expansion L 18,000-24,000 30,000-40,000 19,000-25,000 18,000-24,000 20,000-25,000 S-M 8,000-12,000 10,000-15,000 8,000-12,000 8,000-12,000 6,000-8,000 L 12,000-18,000 15,000-20,000 10,000-15,000 10,000-15,000 10,000-12,000 Product Group S-M 8,000-12,000 12,000-16,000 10,000-15,000 8,000-12,000 10,000-12,000 L 10,000-16,000 15,000-20,000 12,000-18,000 10,000-16,000 13,000-16,000 Store S-M 5,000-9,000 6,000-9,000 9,000-14,000 6,000-10,000 6,000-8,000 L 8,000-12,000 9,000-12,000 12,000-18,000 8,000-12,000 8,000-11,000 Marketing S-M 7,000-12,000 10,000-16,000 9,000-12,000 7,000-12,000 7,000-10,000 L 12,000-16,000 12,000-18,000 11,000-15,000 12,000-18,000 10,000-14,000 Planning S-M 8,000-12,000 7,000-12,000 8,000-12,000 8,000-12,000 N/A L 10,000-15,000 10,000-15,000 9,000-14,000 10,000-15,000 N/A Product S-M 6,000-8,000 7,000-12,000 6,000-9,000 6,000-8,000 6,000-8,000 Visual Merchandising Marketing L 8,000-12,000 10,000-15,000 9,000-12,000 8,000-10,000 10,000-13,000 S-M 6,000-9,000 6,000-9,000 6,000-9,000 6,000-9,000 N/A L 8,000-12,000 9,000-12,000 8,000-12,000 8,000-12,000 N/A Regional Stores S-M 9,000-13,000 12,000-18,000 9,000-14,000 9,000-13,000 8,000-10,000 L 13,000-18,000 15,000-20,000 N/A 12,500-18,000 11,000-13,000 Retail Trainer S-M 6,000-9,000 6,000-9,000 N/A 6,000-9,000 N/A L N/A 9,000-12,000 N/A N/A N/A For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 54

Position Size South SP SP Countryside MG & Midwest N & NE Luxury Brand S-M 8,000-12,000 12,000-16,000 N/A 8,000-10,000 N/A Country / Area * L 12,000-15,000 15,000-20,000 N/A 10,000-13,000 N/A S-M N/A 20,000-30,000 N/A N/A N/A L N/A 30,000-40,000 N/A N/A N/A Marketing S-M 8,000-12,000 12,000-16,000 N/A 10,000-12,000 12,000-15,000 Visual Merchandising L 12,000-15,000 15,000-22,000 N/A 12,000-15,000 15,000-17,000 S-M 6,000-8,000 7,000-12,000 N/A 6,000-8,000 N/A L 8,000-12,000 10,000-15,000 N/A 8,000-10,000 N/A Merchandiser S-M 6,000-8,000 8,000-11,000 N/A 6,000-8,000 N/A L 8,000-10,000 9,000-13,000 N/A 8,000-10,000 N/A Retail Trainer S-M 6,000-8,000 7,000-12,000 N/A 6,000-8,000 N/A L 8,000-10,000 10,000-15,000 N/A N/A N/A Sales S-M 7,000-10,000 10,000-13,000 8,000-10,000 6,000-8,000 6,000-8,000 L 8,000-13,000 14,000-18,000 8,000-12,000 8,000-10,000 8,000-10,000 Store S-M 7,000-10,000 8,000-10,000 8,000-10,000 6,000-8,000 6,000-8,000 L 8,000-13,000 10,000-15,000 8,000-12,000 8,000-10,000 8,000-10,000 Food Retail / Supermarkets Commercial Director * S-M 20,000-25,000 22,000-26,000 20,000-24,000 20,000-25,000 N/A L 23,000-30,000 25,000-35,000 N/A 23,000-28,000 18,000-23,000 Store Director S-M 8,000-12,000 6,000-9,000 9,000-12,000 8,000-12,000 N/A L 10,000-15,000 8,000-15,000 10,000-15,000 12,000-15,000 N/A Operations Director * S-M 18,000-25,000 20,000-26,000 20,000-24,000 18,000-25,000 N/A Trade Marketing/ Merchandising L 23,000-30,000 25,000-35,000 23,000-28,000 20,000-25,000 18,000-23,000 S-M 7,000-12,000 7,000-12,000 7,000-12,000 7,000-10,000 N/A L 10,000-15,000 10,000-15,000 10,000-15,000 8,000-12,000 N/A Loss Prevention S-M 8,000-12,000 8,000-12,000 8,000-12,000 7,000-10,000 N/A L 12,000-15,000 15,000-20,000 12,000-15,000 10,000-12,000 5,000-8,000 Marketing S-M 8,000-13,000 12,000-15,000 12,000-15,000 8,000-12,000 N/A L 12,000-18,000 15,000-18,000 15,000-18,000 10,000-15,000 8,000-10,000 Product / Category S-M 6,000-9,000 8,000-12,000 6,000-9,000 6,000-8,000 N/A L 8,000-12,000 12,000-18,000 8,000-12,000 8,000-12,000 7,000-10,000 Regional S-M 8,000-12,000 11,000-15,000 8,000-12,000 8,000-12,000 N/A L 12,000-18,000 13,000-18,000 10,000-14,000 12,000-18,000 N/A For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 55

Position Size South SP SP Countryside MG & Midwest N & NE Home Center Commercial Director * S-M 23,000-26,000 19,000-25,000 N/A 18,000-22,000 N/A L 25,500-35,000 25,000-35,000 N/A 20,000-25,000 17,000-20,000 Store Director S-M 8,000-9,000 5,000-9,000 8,000-9,000 8,000-10,000 N/A L 9,000-15,000 6,000-12,000 9,000-15,000 12,000-15,000 N/A Operations Director * S-M 20,000-26,000 20,000-26,000 20,000-26,000 18,000-22,000 N/A Trade Marketing/ Merchandising L 25,000-35,000 25,000-35,000 25,000-35,000 20,000-25,000 N/A S-M 7,000-12,000 7,000-12,000 7,000-12,000 7,000-10,000 N/A L 10,000-15,000 10,000-15,000 10,000-15,000 8,000-12,000 N/A Loss Prevention S-M 8,000-12,000 8,000-12,000 8,000-12,000 8,000-12,000 N/A L 12,000-15,000 12,000-15,000 12,000-15,000 12,000-15,000 5,000-8,000 Marketing S-M 12,000-15,000 10,000-15,000 12,000-15,000 9,000-12,000 N/A L 15,000-18,000 15,000-18,000 15,000-18,000 10,000-15,000 6,000-8,000 Product / Category S-M 8,500-12,000 7,000-12,000 8,500-12,000 7,000-10,000 6,000-8,000 L 12,000-18,000 10,000-15,000 12,000-18,000 8,000-12,000 8,000-10,000 Regional S-M 11,000-15,000 10,000-15,000 11,000-15,000 9,000-12,000 8,000-10,000 L 13,000-18,000 14,000-18,000 13,000-18,000 12,000-16,000 10,000-12,000 Entertainment / Hotel & Food Marketing Director * S-M 18,000-22,000 18,000-22,000 N/A 16,000-20,000 N/A Franchise Expansion L 22,000-30,000 22,000-30,000 N/A 20,000-25,000 N/A S-M 13,000-15,000 12,000-15,000 13,000-15,000 12,000-15,000 N/A L 14,000-18,000 14,000-18,000 14,000-18,000 15,000-18,000 N/A Product S-M 9,000-10,000 8,000-10,000 9,000-10,000 N/A N/A Revenue Management Business Unit General L 11,000-15,000 10,000-15,000 11,000-15,000 N/A N/A S-M 9,000-10,000 8,000-10,000 9,000-10,000 N/A N/A L 11,000-15,000 10,000-15,000 11,000-15,000 N/A N/A S-M 8,000-9,000 6,000-8,000 8,000-9,000 6,000-8,000 N/A L 8,500-10,000 7,000-10,000 8,500-10,000 9,000-12,000 10,000-12,000 Regional S-M 10,000-12,000 10,000-12,000 10,000-12,000 N/A N/A L 12,500-15,000 12,000-15,000 12,500-15,000 N/A N/A E-commerce Commercial Director * S-M 20,000-23,000 20,000-30,000 20,000-22,000 18,000-22,000 N/A L 20,000-30,000 25,000-30,000 21,000-30,000 20,000-25,000 N/A Marketing Director * S-M 12,000-15,000 12,000-15,000 12,000-15,000 12,000-16,000 N/A L 15,000-20,000 15,000-20,000 15,000-20,000 15,000-18,000 N/A Operations Director * S-M 12,000-15,000 12,000-15,000 12,000-15,000 12,000-16,000 N/A Customer Experience Business Performance L 15,000-20,000 15,000-20,000 15,000-20,000 15,000-18,000 N/A S-M N/A N/A N/A N/A N/A L 9,000-13,000 9,000-13,000 9,000-13,000 10,000-12,000 N/A S-M N/A N/A N/A N/A N/A L 9,000-13,000 9,000-13,000 9,000-13,000 10,000-12,000 N/A Marketing S-M 8,000-10,000 8,000-10,000 8,000-10,000 8,000-10,000 N/A Purchasing / Category L 12,000-15,000 12,000-15,000 12,000-15,000 12,000-15,000 N/A S-M 8,000-10,000 8,000-10,000 8,000-10,000 8,000-10,000 N/A L 12,000-15,000 12,000-15,000 12,000-15,000 12,000-15,000 N/A Product S-M 7,000-10,000 7,000-10,000 7,000-10,000 7,000-11,000 N/A L 8,000-12,000 8,000-12,000 8,000-12,000 10,000-12,000 N/A For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 56

MICHAEL PAGE HEALTHCARE

MICHAEL PAGE HEALTHCARE The healthcare market still grows consistently in players number and market size. The clinical segment companies experience a strong professionalization process, in addition to some sectors consolidation that imply a major change in the commercial direction in companies located in the countryside. The search for accreditation process, continuous improvement, better relations with paying sources, and strategic definition on resources attractiveness, are key points in this market. But the healthcare industry market, such as the pharmaceuticals and medical devices face a strong harassment of international companies looking at acquisitions or startups in Brazil. With the pipeline reduction, investments in mature markets have strengthened the search for professionals more targeted to cost reduction and process adjustments in order to raise profitability, which attracts more and more players to biotechnology, a market very deprived of specialists that will have to adapt profiles from pharm industry consolidated areas. A posture similar to this in this last industry is adopted by the medical-hospital equipment segment that idealizes a professional expert in the channel and product, but which has given up this last in commercial positions. No doubt the regulatory affairs and medical management areas still strongly register this professionals absence, both by the specificity, lack of business guidance, or for an important gap in the labor education. 58

Position Size RJ SP Commercial Director (Hospitals)* S-M 22,000-35,000 22,000-35,000 L 24,000-45,000 24,000-45,000 CCIH Director (Hospitals) S-M 22,000-35,000 22,000-35,000 L 24,000-45,000 24,000-45,000 Medical Director S-M 22,000-35,000 22,000-35,000 L 24,000-50,000 24,000-50,000 Technical Director (Laboratories) S-M 16,000-32,000 16,000-32,000 L 25,000-45,000 25,000-45,000 Technical Director (Hospitals) S-M 22,000-35,000 22,000-35,000 L 24,000-40,000 24,000-40,000 Regulatory Affairs S-M 10,000-20,000 10,000-20,000 L 12,000-25,000 12,000-25,000 Pharmacovigilance S-M 10,000-16,000 10,000-16,000 L 12,000-18,000 12,000-18,000 Quality Assurance S-M 10,000-16,000 10,000-16,000 L 12,000-22,000 12,000-22,000 Laboratory Processes and Quality S-M 9,000-12,000 9,000-12,000 L 10,000-16,000 10,000-16,000 Product S-M 8,000-18,000 8,000-18,000 L 8,000-20,000 8,000-20,000 Project (clinical research) S-M 10,000-14,000 10,000-14,000 L 15,000-20,000 15,000-20,000 Public/Private Access S-M 10,000-16,000 10,000-16,000 L 14,000-24,000 14,000-24,000 Quality (Hospitals) S-M 10,000-14,000 10,000-14,000 L 12,000-18,000 12,000-18,000 Clinical Analysis Laboratory Specialist S-M 9,000-12,000 9,000-12,000 L 10,000-16,000 10,000-16,000 Medical S-M 11,000-18,000 11,000-18,000 L 15,000-22,000 15,000-22,000 Business Unit Director or Commercial Director* S-M 18,000-32,000 18,000-32,000 L 29,000-45,000 29,000-45,000 District or Territorial Sales S-M 5,000-10,000 5,000-10,000 L 7,000-12,000 7,000-12,000 National Sales S-M 12,000-22,000 12,000-22,000 L 18,000-29,000 18,000-29,000 Regional Sales S-M 10,000-18,000 10,000-18,000 L 16,000-24,000 16,000-24,000 * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 59

MICHAEL PAGE ENGINEERING & MANUFACTURING

MICHAEL PAGE ENGINEERING & MANUFACTURING Even with a slightly lower growth estimate for this year, the demand for engineers is still high. Michael Page Salary Survey 2013/2014 points that the professionals in this sector had the greatest remuneration increases among all divisions included in the analysis. The Industry does not repeat the recent years numbers, but some segments continue expanding in a significant manner. The consumer goods sectors, mainly in the North and Northeast regions, infrastructure and energy still face an operations growth and structuring scenario. In addition to the high technical qualification, this reality brings the need for professionals willing to assume challenges throughout the national territory. In parallel, the segments that live a less favorable time tend to value even more the engineering positions related to initiatives that generate efficiency gains or cost reductions to operations. 61

Position Size South RJ SP SP Countryside MG & Midwest N & NE Consumer Goods P&D Director S-M 18,000-24,000 15,000-20,000 18,000-24,000 18,000-24,000 18,000-24,000 N/A L 20,000-30,000 20,000-25,000 24,000-30,000 20,000-30,000 20,000-30,000 N/A Industrial Director S-M 20,000-30,000 18,000-22,000 20,000-30,000 20,000-30,000 20,000-30,000 15,000-20,000 L 25,000-35,000 25,000-40,000 25,000-40,000 25,000-35,000 25,000-35,000 20,000-30,000 Maintenance S-M 8,000-12,000 8,000-12,000 9,000-15,000 8,000-12,000 8,000-12,000 8,000-10,000 L 12,000-16,000 12,000-15,000 14,000-20,000 12,000-16,000 12,000-16,000 10,000-15,000 P&D S-M 8,000-10,000 8,000-10,000 10,000-15,000 12,000-16,000 8,000-10,000 N/A Projects / Engineering L 10,000-15,000 12,000-18,000 15,000-21,000 15,000-20,000 15,000-20,000 10,000-15,000 S-M 8,000-12,000 8,000-12,000 10,000-13,000 11,000-14,000 10,000-13,000 8,000-10,000 L 12,000-16,000 14,000-16,000 14,000-18,000 12,000-16,000 12,000-16,000 12,000-17,000 Quality S-M 7,000-12,000 7,000-12,000 9,000-13,000 11,000-14,000 9,000-13,000 6,000-10,000 L 13,000-17,000 12,000-17,000 12,000-18,000 13,000-17,000 13,000-17,000 10,000-15,000 HSE S-M 8,000-12,000 8,000-12,000 10,000-15,000 12,000-15,000 12,000-15,000 6,000-12,000 L 14,000-16,000 14,000-16,000 14,000-20,000 14,000-20,000 12,000-16,000 10,000-15,000 Industrial S-M 8,000-12,000 8,000-12,000 10,000-14,000 12,000-15,500 8,000-12,000 8,000-12,000 L 14,000-20,000 15,000-22,000 15,000-25,000 14,000-20,000 14,000-20,000 15,000-20,000 Chemical & Petrochemical P&D Director S-M N/A N/A N/A N/A N/A N/A L 20,000-25,000 20,000-23,000 22,000-30,000 18,000-25,000 17,000-21,000 18,000-25,000 Industrial Director S-M 15,000-20,000 15,000-20,000 18,000-30,000 18,000-25,000 15,000-20,000 15,000-23,000 L 25,000-35,000 20,000-35,000 25,000-40,000 25,000-35,000 22,000-26,000 20,000-30,000 Maintenance S-M 8,000-15,000 8,000-13,000 8,000-13,000 12,000-15,000 8,000-13,000 8,000-12,000 L 14,000-18,000 14,000-18,000 15,000-24,000 13,000-16,000 14,000-20,000 14,000-18,000 Processes S-M 8,000-10,000 7,000-10,000 8,000-12,000 8,000-12,000 8,000-10,000 6,000-10,000 Projects / Engineering L 13,000-16,000 10,000-18,000 12,000-17,000 13,000-16,000 10,000-14,000 10,000-15,000 S-M 8,000-12,000 8,000-14,000 10,000-13,000 10,000-12,000 8,000-12,000 6,000-10,000 L 13,000-16,000 14,000-18,000 15,000-20,000 13,000-16,000 12,000-16,000 12,000-17,000 Quality S-M 8,000-10,000 8,000-10,000 8,000-12,000 8,000-10,000 8,000-12,000 6,000-10,000 L 13,000-16,000 10,000-15,000 10,000-17,000 13,000-16,000 10,000-13,000 10,000-15,000 HSE S-M 12,000-16,000 8,000-12,000 8,000-13,000 12,000-15,000 12,000-16,000 6,000-10,000 L 15,000-22,000 12,000-20,000 15,000-22,000 14,000-20,000 12,000-16,000 12,000-17,000 Industrial S-M 12,000-14,000 12,000-15,000 12,000-16,000 12,000-15,000 12,000-15,000 10,000-15,000 L 15,000-18,000 18,000-20,000 15,000-20,000 14,000-20,000 13,000-16,000 16,000-18,000 62

Position Size South RJ SP SP Countryside MG & Midwest N & NE Pharmaceutical P&D Director S-M 12,000-16,000 10,000-15,000 12,000-18,000 12,000-16,000 12,000-16,000 N/A Engineering and Maintenance L 15,000-20,000 15,000-22,000 20,000-30,000 20,000-27,000 20,000-27,000 N/A S-M 7,000-10,000 8,000-10,000 8,000-13,000 9,000-12,000 9,000-12,000 8,000-12,000 L 14,000-18,000 12,000-16,000 12,000-17,000 14,000-16,000 11,000-18,000 12,000-17,000 P&D S-M 12,000-15,000 6,000-10,000 10,000-14,000 11,000-13,000 12,000-15,000 N/A L 13,000-16,000 12,000-17,000 12,000-20,000 13,000-18,000 14,000-18,000 8,000-12,000 Quality S-M 12,000-15,000 8,000-12,000 8,000-13,000 12,000-15,000 11,000-14,000 6,000-10,000 L 13,000-16,000 12,000-18,000 12,000-18,000 13,000-16,000 12,000-17,000 8,000-12,000 HSE S-M 13,000-15,000 8,000-10,000 10,000-15,000 13,000-15,000 9,000-12,000 6,000-10,000 L 15,000-20,000 10,000-14,000 12,000-17,000 15,000-20,000 10,000-16,000 8,000-12,000 Industrial S-M 12,000-16,000 10,000-15,000 10,000-14,000 18,000-20,000 12,000-17,000 12,000-15,000 L 15,000-22,000 15,000-20,000 13,000-18,000 20,000-22,000 15,000-22,000 15,000-20,000 Automotive & Metallurgy Industrial Director S-M 20,000-27,000 15,000-25,000 15,000-22,000 16,000-22,000 16,000-22,000 20,000-25,000 L 25,000-35,000 25,000-35,000 22,000-35,000 22,000-30,000 23,000-32,000 25,000-30,000 Maintenance S-M 10,000-14,000 10,000-14,000 8,000-13,000 8,000-13,000 8,000-13,000 8,000-12,000 L 12,000-16,000 12,000-20,000 12,000-17,000 11,000-18,000 11,000-15,000 11,000-17,000 Production S-M 10,000-16,000 8,000-12,000 10,000-15,000 8,000-12,000 8,000-12,000 8,000-13,000 L 14,000-18,000 12,000-20,000 13,000-18,000 11,000-18,000 12,000-16,000 11,000-18,000 Product S-M 10,000-14,000 10,000-13,000 8,000-14,000 8,000-15,500 10,000-13,000 7,000-11,000 L 14,000-20,000 16,000-22,000 12,000-16,000 12,000-18,000 12,000-16,000 12,000-16,000 Projects S-M 10,000-16,000 10,000-13,000 10,000-15,000 8,500-13,000 10,000-15,000 7,000-13,000 L 14,000-17,000 12,000-17,000 12,000-17,000 12,500-17,000 13,000-16,000 12,000-17,000 Quality S-M 9,000-14,000 8,000-13,000 10,000-13,000 9,000-13,000 9,000-13,000 7,000-11,000 L 11,000-16,000 12,000-16,000 12,000-16,000 10,500-16,000 12,000-16,000 10,000-15,000 HSE S-M 9,000-14,000 8,000-12,000 10,000-15,000 8,000-12,500 10,000-15,000 7,000-13,000 L 11,000-16,000 12,000-17,000 12,000-18,000 11,000-18,000 12,000-15,000 10,000-15,000 63

Position Size South RJ SP SP Countryside MG & Midwest N & NE Electronics & White Goods Industrial Director S-M 16,500-20,000 N/A 15,000-22,000 16,500-20,000 15,000-18,000 15,000-20,000 L 17,000-25,000 N/A 18,000-25,000 17,000-25,000 20,000-25,000 23,000-30,000 Maintenance S-M 8,500-12,000 N/A 8,000-13,000 8,500-12,000 8,000-12,000 8,000-13,000 L 10,000-15,000 N/A 12,000-17,000 10,000-15,000 10,000-13,000 12,000-17,000 Production S-M 8,000-11,500 N/A 10,000-14,000 8,000-11,500 9,000-12,000 9,000-12,000 L 11,000-16,000 N/A 13,000-18,000 11,000-16,000 10,000-15,000 11,000-15,000 Project / Product S-M 9,000-12,000 N/A 8,000-12,000 9,000-12,000 9,000-12,000 8,000-10,000 L 11,000-15,000 N/A 10,000-15,000 12,000-15,000 11,000-14,000 12,000-15,000 Quality S-M 9,000-12,000 N/A 9,000-13,000 9,000-12,000 8,000-12,000 9,000-12,000 L 11,500-15,000 N/A 12,000-16,000 11,500-15,000 11,000-14,000 11,000-15,000 HSE S-M 9,500-13000 N/A 10,000-13,000 9,500-13,000 10,000-15,000 7,000-12,000 L 13,000-16,000 N/A 12,000-15,000 12,000-15,000 10,000-12,000 10,000-14,000 Industrial S-M 11,000-15,000 N/A 10,000-15,000 11,000-15,000 10,000-14,000 10,000-13,500 L 12,500-16,000 N/A 12,000-17,000 12,500-16,000 12,000-16,000 11,000-15,000 Agribusiness Agricultural Director S-M 20,000-30,000 N/A N/A 20,000-30,000 20,000-30,000 23,000-29,000 L 30,000-42,000 25,000-35,000 N/A 30,000-42,000 30,000-42,000 25,000-38,000 Industrial Director S-M 20,000-28,000 N/A N/A 20,000-28,000 20,000-28,000 23,000-28,000 L 30,000-40,000 25,000-35,000 N/A 30,000-40,000 30,000-40,000 25,000-38,000 Agricultural S-M 14,000-20,000 N/A N/A 14,000-20,000 14,000-20,000 N/A Corporate Agricultural L 16,000-25,000 15,000-20,000 N/A 16,000-25,000 16,000-25,000 N/A S-M 17,000-25,000 N/A N/A 17,000-25,000 17,000-25,000 9,000-13,000 L 25,000-35,000 20,000-25,000 N/A 25,000-35,000 25,000-35,000 11,000-15,000 Maintenance S-M 11,000-16,000 N/A N/A 11,000-16,000 11,000-16,000 9,000-13,000 L 15,000-20,000 12,000-16,000 N/A 15,000-20,000 15,000-20,000 12,000-14,000 Project / Engineering S-M 10,000-15,000 N/A N/A 10,000-15,000 10,000-15,000 9,000-13,000 L 14,000-22,000 14,000-18,000 N/A 14,000-22,000 14,000-22,000 12,000-14,000 Quality S-M 11,000-15,000 N/A N/A 11,000-15,000 11,000-15,000 9,000-13,000 L 16,000-19,000 12,000-16,000 N/A 16,000-19,000 16,000-19,000 12,000-14,000 HSE S-M 10,000-15,000 N/A N/A 10,000-15,000 10,000-15,000 8,000-12,000 L 12,000-18,000 14,000-18,000 N/A 12,000-18,000 12,000-18,000 12,000-14,000 Industrial S-M 14,000-18,000 N/A N/A 14,000-18,000 14,000-18,000 9,000-14,000 L 16,000-25,000 15,000-20,000 N/A 16,000-25,000 16,000-25,000 12,000-17,000 64

MICHAEL PAGE SUPPLY CHAIN & PROCUREMENT

MICHAEL PAGE SUPPLY CHAIN & PROCUREMENT The constraints generated by infrastructure problems in Brazil have been the topic of various discussions related to the country development. On the other hand, these scarcities generate many opportunities in the sector. For this reason and the Supply Chain area importance for the companies result, the logistic area might remain as an important focus of investments for the coming years. To operate in this area, companies expect professionals who not only perform in determining strategies that bypass occasional problems generated by the infrastructure deficiencies, but that also perform in the efficiency gain in their industrial and logistic operations, as well as gains in the strategic purchases negotiations. This requires that professionals are increasingly experts in their areas, but that at the same time can bring a strategic bias to various operation areas showing results from end to end. 66

Position Size South RJ SP SP Countryside MG & Midwest N & NE Transport, Logistic Operators & Trading Logistic Director S-M 15,000-20,000 18,000-22,000 19,500-26,000 18,000-22,000 16,000-20,000 16,000-18,000 Supply Chain Director L 25,000-35,000 23,000-32,000 25,000-33,000 20,000-32,000 21,000-27,000 20,000-30,000 S-M 22,000-30,000 23,000-30,000 20,000-30,000 22-000 - 27,000 19,000-24,000 19,000-24,000 L 27,000-40,000 24,000-36,000 30,000-40,000 25,000-35,000 22,000-28,000 21,000-27,000 Operations S-M 8,000-14,000 10,000-18,000 10,000-18,000 10,000-17,000 10,000-15,000 10,000-15,000 L 10,000-20,000 12,000-20,000 15,000-22,000 12,000-18,000 12,000-19,000 11,000-19,000 Project S-M 9,000-13,000 10,000-18,000 11,000-18,000 11,000-18,000 8,000-12,000 8,000-11,000 L 9,500-18,000 12,000-20,000 12,000-21,000 12,000-21,000 10,000-15,000 10,000-14,000 Technology & Telecommunications Logistic Director S-M 15,000-18,000 15,000-20,000 18,500-22,000 17,000-19,000 16,000-19,000 14,000-17,000 Supply Chain Director L 20,000-30,000 23,000-32,000 20,000-30,000 20,000-30,000 18,000-22,000 16,000-20,000 S-M 15,000-18,000 16,000-20,000 20,000-30,000 N/A N/A N/A L 28,000-35,000 23,000-36,000 28,000-42,000 25,000-35,000 18,000-23,000 18,000-22,000 Logistic Director S-M 9,000-14,000 12,000-15,000 10,000-16,000 9,000-16,000 N/A N/A L 12,000-15,000 13,000-17,000 12,000-16,000 12,000-15,000 12,000-14,000 11,000-13,000 Demand / Production Planning S-M 8,000-11,000 12,000-15,000 12000-15000 11,000-15,000 N/A N/A L 12,000-15,000 13,000-18,000 12,000-18,000 10,000-14,000 7,000-12,000 6,000-10,000 Chemical & Petrochemical Logistic Director S-M 20,000-25,000 24,000-28,000 23,000-30,000 25,000-30,000 N/A N/A Supply Chain Director L 28,000-42,000 28,000-50,000 30,000-50,000 28,000-45,000 N/A N/A S-M 20,000-25,000 24,000-28,000 20,000-28,000 N/A N/A N/A L 25,000-35,000 28,000-45,000 30,000-50,000 37,000-50,000 N/A N/A Logistic S-M 13,000-16,000 13,000-16,000 10,000-18,000 12,500-16,000 N/A N/A Demand / Production Planning L 15,000-22,000 14,000-18,000 15,000-22,000 18,000-22,000 13,000-17,000 12,000-15,000 S-M 10,000-15,000 12,000-15,000 8,000-15,000 10,000-15,000 N/A N/A L 13,000-20,000 13,000-21,000 12,000-20,000 15,000-19,000 8,000-13,000 8,000-13,000 Consumer Goods Logistic Director P-M 15,000-25,000 15,000-24,000 17,000-25,000 15,000-25,000 N/A N/A Supply Chain Director L 19,000-30,000 25,000-35,000 20,000-35,000 20,000-32,000 20,000-24,000 19,000-23,000 S-M 17,000-23,000 18,000-25,000 20,000-28,000 N/A 16,500-25,000 15,000-22,000 L 20,000-30,000 25,000-35,000 25,000-50,000 22,000-35,000 17,000-35,000 16,000-29,000 Logistic S-M 9,000-15,000 8,000-15,000 11,000-18,000 12,000-14,000 8,000-15,000 8,000-14,000 Demand / Production Planning L 12,000-20,000 14,000-22,000 15,000-22,000 18,000-21,000 7,500-16,000 7,000-15,000 S-M 9,000-14,000 8,000-15,000 9,000-15,000 9,000-12,000 6,000-10,000 6,000-9,000 L 11,000-20,000 14,000-22,000 12,000-20,000 10,000-14,000 7,000-15,000 7,000-13,000 67

Position Size South RJ SP SP Countryside MG & Midwest N & NE Automotive & Metallurgy Logistic Director S-M 15,000-20,000 15,000-24,000 15,000-22,000 15,000-22,000 17,000-22,000 15,000-20,000 Supply Chain Director L 18,000-25,000 25,000-35,000 20,000-32,000 20,000-32,000 18,000-25,000 18,000-25,000 S-M 16,000-25,000 18,000-25,000 25,000-35,000 20,000-28,000 18,000-23,000 18,000-23,000 L 19,000-30,000 25,000-35,000 28,000-45,000 28,000-41,000 20,000-35,000 18,000-29,000 Logistic S-M 8,000-13,000 8,000-15,000 10,000-18,000 14,000-19,000 12,000-15,000 12,000-15,000 Demand / Production Planning Director L 11,000-20,000 14,000-22,000 14,000-20,000 18,500-22,000 13,000-16,000 12,000-14,000 S-M 8,000-12,000 8,000-15,000 10,000-15,000 12,000-15,000 8,000-13,300 8,000-13,000 L 11,000-18,000 14,000-22,000 14,000-20,000 15,000-17,000 9,000-12,000 8,000-12,000 Siderurgy & Mining Logistic Director S-M 16,000-20,000 20,000-22,000 18,000-20,000 18,000-20,000 18,000-23,000 16,000-20,000 Supply Chain Director L 25,000-28,000 28,000-32,000 25,000-30,000 28,000-30,000 23,000-29,000 22,000-26,000 S-M 18,000-20,000 21,000-26,000 20,000-25,000 20,000-25,000 N/A N/A L 26,000-40,000 28,000-45,000 28,000-45,000 24,000-45,000 23,000-35,000 21,000-30,000 Logistic S-M 10,000-15,000 13,000-16,000 10,000-16,000 9,000-15,000 11,000-15,000 11,000-15,000 Demand / Production Planning Director L 15,000-18,000 14,000-20,000 12,000-20,000 14,000-22,000 15,000-20,000 14,000-20,000 S-M 9,000-14,000 12,000-15,000 8,000-15,000 9,000-13,000 7,000-10,000 7,000-10,000 L 11,000-14,000 10,000-16,000 12,000-20,000 12,000-17,000 9,000-12,000 8,000-12,000 68

MICHAEL PAGE PROPERTY & CONSTRUCTION

MICHAEL PAGE PROPERTY & CONSTRUCTION Despite the most optimistic expectations for the construction sector in 2013 have not been fully achieved, the segment is still very active regarding the professionals demand. The Brazilian Government investment promises and the election year in 2014 trend to further increase the works volume and, consequently, the demand for expert professionals in the area. Therefore, the trend is that the experienced professionals in this sector, which currently are already scarce for several specialties, become even more valued. In this sense, the teams mobilization to enterprises, both in quantitative and qualitative terms, should become even more critical for the companies and will require the actions advance and a more professional coordination of recruitment and selection processes. In addition, it will probably maintain an increase bias of this sector professional remuneration package, bringing impact on the projects profitability. 70

Position Size South RJ SP SP Countryside MG & Midwest N & NE Construction - Midsize Works and Heavy Works Business Director S-M 23,000-30,000 25,000-32,000 25,000-35,000 22,000-30,000 20,000-30,000 24,000-35,000 Technical / Operations Director * L 28,000-36,000 30,000-45,000 30,000-45,000 30,000-42,000 32,000-45,000 32,000-36,000 S-M 24,000-34,000 25,000-32,000 20,000-30,000 30,000-38,000 25,000-40,000 28,000-38,000 L 28,000-40,000 30,000-45,000 27,000-45,000 30,000-40,000 32,000-45,000 35,000-45,000 Contracts / Claims Engineer S-M 8,500-12,000 8,000-14,000 8,000-12,000 8,000-12,000 7,000-12,500 8,000-15,000 Budgets / Proposals / Bids Engineer L 10,000-15,000 10,000-15,000 10,000-15,000 9,000-15,000 7,000-14,000 9,000-15,000 S-M 8,500-12,000 8,500-12,000 8,000-11,000 7,000-10,000 10,000-13,000 9,000-14,000 L 9,500-15,000 8,500-13,000 10,000-16,000 8,000-13,000 11,000-15,000 10,000-17,000 Planning and Control Engineer S-M 8,500-12,000 8,500-12,000 8,000-11,000 7,000-10,000 7,000-11,000 10,000-14,000 L 9,500-15,000 8,500-12,000 8,000-13,000 8,000-12,000 8,000-15,000 12,000-16,000 Production Engineer S-M 8,500-13,000 9,000-14,000 8,000-13,000 7,000-9,500 9,000-12,000 8,000-13,000 L 9,000-13,000 9,500-15,000 8,000-15,000 7,500-12,500 10,000-14,000 10,000-14,000 Projects Engineer S-M 8,500-11,500 9,000-14,000 8,500-11,000 7,000-10,000 9,000-12,000 10,000-12,000 L 9,500-13,000 9,500-15,000 8,500-12,000 8,000-12,000 10,000-14,000 10,000-15,000 HSE Engineer S-M 7,000-10,000 9,000-14,000 8,000-11,000 6,000-9,500 7,000-9,000 6,000-9,000 L 8,500-12,000 10,000-15,000 8,500-13,000 7,500-11,000 10,000-12,000 9,000-13,000 Contracts S-M 14,000-21,000 18,000-21,000 15,000-20,000 15,000-20,000 14,000-22,000 14,000-20,000 Business Development L 18,000-26,000 17,000-29,000 15,000-30,000 20,000-30,000 20,000-30,000 18,000-25,000 S-M 12,000-18,000 14,000-19,000 15,000-21,000 15,000-20,000 16,000-21,000 16,000-21,000 L 17,000-25,000 16,000-26,000 17,000-29,000 20,000-30,000 22,000-30,000 20,000-28,000 Budgets / Proposals / Bids S-M 10,000-16,000 10,000-16,000 13,000-18,000 9,000-15,000 10,000-18,000 10,000-15,000 L 13,000-20,000 13,000-20,000 15,000-25,000 11,000-19,000 14,000-20,000 12,000-18,000 Planning and Control S-M 10,000-16,000 10,000-16,000 13,000-18,000 9,000-15,000 10,000-18,000 12,000-18,000 L 13,000-20,000 13,000-20,000 15,000-25,000 11,000-17,000 14,000-20,000 12,000-19,000 Production S-M 10,000-16,000 13,000-18,000 13,000-17,000 10,000-14,000 10,000-15,000 12,000-16,000 L 13,000-20,000 15,000-20,000 15,000-20,000 11,500-17,500 13,000-19,000 14,000-20,000 Projects S-M 10,000-16,000 12,000-16,000 12,000-18,000 10,000-16,000 11,000-18,000 12,000-18,000 L 13,000-20,000 14,000-19,000 15,000-20,000 14,000-24,000 13,000-23,000 14,000-25,000 HSE S-M 10,000-15,000 15,000-20,000 15,000-18,000 12,000-16,000 10,000-16,000 10,000-14,000 L 12,000-19,000 15,000-22,000 15,000-21,000 12,000-20,000 12,000-23,000 12,000-19,000 Operations Superintendent S-M 22,000-30,000 23,000-30,000 20,000-35,000 20,000-30,000 20,000-33,000 25,000-35,000 L 26,000-35,000 25,000-35,000 24,000-35,000 28,000-40,000 28,000-38,000 28,000-40,000 * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 71

Position Size South RJ SP SP Countryside MG & Midwest N & NE Construction & Incorporation (Real Estate Market) Incorporation / New Business Director S-M 20,000-28,000 22,000-28,000 22,000-30,000 20,000-28,000 20,000-27,000 20,000-30,000 L 25,000-34,000 32,000-40,000 25,000-40,000 25,000-35,000 25,000-37,000 27,000-39,000 Construction Director S-M 20,000-28,000 24,000-30,000 18,000-28,000 20,000-32,000 22,000-30,000 25,000-33,000 Construction / Resident / Production Engineer L 27,000-35,000 28,000-40,000 25,000-45,000 28,000-40,000 29,000-40,000 30,000-42,000 S-M 7,000-11,000 8,000-12,000 7,000-11,000 7,000-10,000 7,000-10,000 7,000-10,000 L 8,500-13,500 9,000-15,000 8,000-14,000 7,500-12,000 8,000-12,000 7,000-12,000 Planning / Budgets Engineer S-M 7,000-12,000 9,000-12,000 7,000-10,000 6,000-10,000 6,500-12,000 6,000-10,000 L 8,500-15,000 11,000-19,000 8,000-13,000 7,000-12,000 8,000-13,000 7,000-12,000 Incorporation S-M 10,000-15,000 13,000-17,000 11,000-16,000 10,000-18,000 13,000-20,000 14,000-18,000 L 15,000-22,000 18,000-26,000 15,000-25,000 15,000-20,000 15,000-23,000 14,000-23,000 New Business S-M 10,000-15,000 11,000-17,000 11,000-15,000 9,000-15,000 10,000-15,000 10,000-16,000 L 15,000-22,000 14,000-25,000 15,000-20,000 15,000-20,000 15,000-25,000 18,000-25,000 Construction S-M 11,000-17,000 12,000-17,000 12,000-16,000 9,000-17,000 12,000-17,000 12,000-18,000 L 14,000-21,000 14,000-23,000 13,000-20,000 12,000-19,000 14,000-20,000 14,000-20,000 Budgets S-M 10,500-15,000 11,000-14,000 12,000-18,000 8,000-14,000 12,000-18,000 10,000-15,000 Planning / Cost Control L 13,000-18,000 16,000-22,000 13,000-22,000 11,000-17,000 12,000-19,000 12,000-18,000 S-M 10,500-15,000 11,000-14,000 12,000-16,000 9,000-13,000 12,000-18,000 11,000-17,000 L 13,000-18,000 16,000-22,000 13,000-20,000 10,000-16,000 15,000-20,000 15,000-20,000 Projects S-M 9,000-13,000 11,000-16,000 9,000-15,000 8,000-13,000 10,000-16,000 10,000-15,000 L 13,000-19,500 15,000-22,000 13,000-24,000 9,500-17,000 14,000-20,000 13,000-19,000 Construction General S-M 14,000-21,000 15,000-22,000 15,000-20,000 14,000-18,000 16,000-21,000 17,000-24,000 L 18,000-26,000 22,000-32,000 18,000-30,000 18,000-25,000 20,000-33,000 19,000-29,000 Property Real Estate Development Consultant S-M 4,500-8,000 6,000-8,000 3,000-8,000 6,000-9,000 7,000-9,000 6,000-9,00 L 6,500-10,000 7,000-11,000 5,000-9,000 6,000-12,000 9,000-12,000 7,000-10,000 Environmental Risk Consultant S-M N/A 6,000-8,000 6,000-8,000 6,500-9,500 N/A 6,000-9,00 L 8,000-10,000 8,000-12,000 8,000-12,000 8,000-10,000 N/A 7,000-10,000 Real Estate Director S-M N/A 18,000-22,000 20,000-30,000 N/A 20,000-27,000 22,000-28,000 Supervisory Engineer / Construction Manger L 22,000-30,000 24,000-34,000 25,000-35,000 24,000-34,000 25,000-35,000 25,000-35,000 S-M 8,000-10,000 10,000-12,000 9,000-12,000 6,000-8,000 9,000-13,000 7,000-10,000 L 8,000-13,000 11,000-16,000 12,000-20,000 9,500-13,000 10,000-15,000 9,000-14,000 Expansion S-M 9,000-14,000 12,000-16,000 10,000-15,000 9,000-12,000 12,000-16,000 10,000-14,000 L 12,500-18,000 14,000-18,000 13,000-19,000 11,000-18,000 14,000-18,000 12,000-16,000 Facilities S-M 8,000-12,000 10,000-13,000 8,000-12,000 9,000-14,000 8,000-13,500 8,000-12,000 Facilities Maintenance L 10,000-15,000 13,000-16,000 9,000-15,000 10,000-16,000 10,000-16,000 10,000-15,000 S-M 8,000-11,000 8,000-11,000 7,000-12,000 8,000-10,000 7,000-11,000 7,000-10,000 L 9,500-13,000 10,000-13,000 8,000-15,000 8,500-10,500 10,000-15,000 10,000-13,000 Shopping Operations S-M 8,500-12,000 9,000-12,000 10,000-13,000 9,000-14,000 10,000-13,500 10,000-13,000 Real Estate / Property L 11,000-15,000 11,000-15,000 12,000-16,000 13,000-16,000 12,000-17,000 14,000-18,000 S-M 9,000-14,000 11,000-14,000 10,000-14,000 9,000-15,000 10,000-15,000 11,000-16,000 L 12,000-18,000 14,000-22,000 14,000-20,000 12,000-17,000 14,000-18,000 15,000-20,000 Property Security S-M 8,000-11,000 11,000-14,000 7,000-13,000 8,000-11,000 8,000-11,000 9,000-12,000 Shopping Operations Superintendent L 9,500-15,000 14,000-22,000 10,000-18,000 9,000-13,000 11,000-18,000 12,000-17,000 S-M 19,000-25,000 20,000-27,000 21,000-28,000 20,000-26,000 18,000-27,000 20,000-25,000 L 20,000-32,000 25,000-40,000 25,000-45,000 22,000-38,000 23,000-40,000 25,000-39,000 72

MICHAEL PAGE OIL & GAS

MICHAEL PAGE OIL & GAS The Oil & Gas industry shows an optimistic perspective for the coming years. There are several billion investments forecast for years to come, which will lead Brazil to another level as an oil producer and diffuser of cutting-edge technology. In May 2013, the 11th exploration blocks bidding was approved and by the end of 2013 there will be the first round of Pre-salt fields biding. With this scenario, Michael Page Oil & Gas has heavily invested in Brazil and segmented its operations in two offices located in Rio the Janeiro and Macaé, with a technical teach ahead its operations. This segment focus is in the global market. Increasingly the major oil companies around the world have invested in the global knowledge exchange, often printing in the remuneration the professional displacement costs and benefits not applied to other areas, such as travel assistance, housing assistance and language courses. 74

Position Business Development Junior 8,000-15,000 15,000-28,000 Senior 28,000-40,000 Oil- ell Engineer (drilling/completion) Junior 8,000-16,000 16,000-28,000 Senior 28,000-50,000 Production Engineer (operator) Junior 8,000-11,000 10,000-20,000 Senior 20,000-38,000 Naval Engineer Junior 8,000-12,000 12,000-22,000 Senior 22,000-45,000 Field Engineer Junior 7,000-14,000 14,000-25,000 Senior 25,000-35,000 Field Geologist Junior 6,500-10,000 9,500-19,000 Senior 19,000-35,000 Geophysicist/Geologist Junior 7,500-12,000 12,000-26,000 Senior 26,000-48,000 Engineering Junior 15,000-20,000 20,000-30,000 Senior 30,000-40,000 Exploitation Junior 10,000-15,000 18,000-30,000 Senior 30,000-75,000 Petrophysicist Junior 6,000-12,000 11,500-25,000 Senior 26,000-50,000 Reservoir Engineer Junior 10,000-15,000 15,000-25,000 Senior 25,000-50,000 Safety, Health and Environment Junior 7,000-12,000 12,000-18,000 Senior 18,000-32,000 Subsea Engineer Junior 10,000-15,000 15,000-25,000 Senior 25,000-35,000 Surveyor Junior 7,000-10,000 10,000-17,000 Senior 17,000-30,000 Country * Service Providers 25,000-40,000 Equipment Companies 25,000-40,000 Operators 35,000-60,000 * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 75

MICHAEL PAGE HUMAN RESOURCES

MICHAEL PAGE HUMAN RESOURCES According to Michel Page HR Global Barometer 2013, a research conducted with 4.3 thousand HR directors of large companies spread in 32 countries around the world, 93% of Brazilian HR leaders visualize hirings for their structures over the next 12 months. The impact it brings to Human Resources departments reaches all area subsystems, not only regarding recruitment, but also on how these professionals are welcomed, developed and engaged in the organization. New HR tools and actions such as the EVP (Employment Value Proposition), HC ROI (Human Capital Return On Investment) and the constant search for balance between work and personal life (the so sought employees quality of life) have influenced the Human Resources professionals profile, that not only are guided to a subsystem or characterized as generalists, but increasingly they need to match this technique to their performance to offer a balance between the individuals and businesses demands. A hard to measure balance, but increasingly required in a disputed and competitive market. 77

Position Size South RJ SP SP Countryside MG & Midwest N & NE Business Partner (Internal Consultant, LPO) Senior Business Partner (Internal Consultant, LPO) Personnel Administration Coordinator Internal Communication Coordinator Organizational Development Coordinator Recruitment and Selection Coordinator Remuneration and Benefits Coordinator Training and Development Coordinator S-M 6,000-9,000 7,000-10,000 7,000-10,000 6,500-9,500 5,000-7,800 N/A L 9,000-13,000 11,000-15,000 10,000-15,000 9,500-12,500 6,000-13,000 5,000-8,000 S-M N/A N/A N/A N/A N/A N/A L 15,000-25,000 16,000-25,000 16,000-25,000 15,000-20,000 12,600-19,950 12,000-15,000 S-M 5,500-7,500 6,000-8,000 6,000-8,000 6,000-8,000 6,000-7,500 5,000-7,000 L 7,500-11,000 8,000-11,000 8,000-12,000 8,000-11,500 8,000-11,000 6,000-8,000 S-M 7,000-9,000 7,000-8,500 7,000-9,000 8,500-9,000 N/A N/A L 9,000-10,500 8,000-10,000 8,000-10,000 9,000-10,000 6,000-9,500 7,000-10,000 S-M 7,000-10,000 7,000-10,000 7,000-10,000 7,000-9,000 N/A N/A L 8,000-10,000 8,500-10,500 8,500-10,500 8,000-11,500 6,300-8,500 5,000-7,000 S-M N/A 6,500-9,500 6,500-9,500 6,200-8,700 N/A N/A L 7,500-11,000 8,000-11,000 8,000-12,000 7,700-10,300 6,300-10,500 6,000-8,000 S-M 8,000-11,000 8,000-11,000 8,000-11,000 8,000-10,500 N/A N/A L 9,000-13,000 9,000-13,000 9,000-13,000 8,500-12,000 6,300-10,500 5,000-7,000 S-M 7,000-9,000 7,000-10,000 7,000-10,000 7,000-10,000 N/A N/A L 8,500-11,000 8,500-11,000 8,000-12,000 8,000-11,500 6,300-10,500 5,00-7,000 Human Resources Director * S-M 18,000-25,000 18,000-25,000 18,000-25,000 18,500-23,000 12,000-21,000 15,000-20,000 L 23,000-40,000 25,000-42,000 25,000-43,000 25,000-42,000 21,000-36,750 20,000-35,000 Expatriates S-M N/A 6,500-8,500 6,500-9,000 N/A N/A N/A Personnel Administration Management Internal Communications manager Organizational Development Recruitment and Selection Remuneration and Benefits Manger Training and Development L N/A 8,000-12,000 9,000-13,000 N/A N/A N/A S-M 7,000-11,000 8,000-12,000 8,000-12,000 8,000-12,000 7,000-9,450 8,000-10,000 L 10,000-13,000 11,000-15,000 11,000-15,000 10,000-14,000 9,450-14,000 10,000-12,000 S-M N/A 8,000-12,000 10,000-12,000 8,000-11,000 N/A N/A L 10,000-14,000 12,000-15,000 12,000-15,000 11,000-14,000 10,000-13,000 10,000-12,000 S-M 9,000-14,000 9,000-14,000 10,000-15,000 9,000-12,500 N/A 8,000-12,000 L 13,500-21,000 13,500-21,000 15,000-22,000 12,500-18,000 12,500-18,900 12,000-15,000 S-M N/A 8,000-12,000 8,000-12,000 8,000-10,500 8,000-10,500 8,000-10,500 L 9,500-14,000 10,000-15,000 11,000-16,000 9,500-14,000 8,500-13,000 8,500-13,000 S-M N/A 10,000-15,000 10,000-16,000 9,500-13,000 N/A N/A L 12,000-18,000 16,000-25,000 16,000-25,000 13,000-18,000 10,500-15,500 10,500-15,500 S-M 9,000-12,000 9,000-12,000 10,000-13,000 9,000-12,000 N/A N/A L 10,000-16,000 12,000-18,000 12,000-18,000 12,500-18,000 8,000-10,000 8,000-10,000 Generalist S-M 9,000-15,000 10,000-16,000 10,000-16,000 10,500-14,000 8,000-12,500 8,000-12,000 L 13,500-22,000 15,000-24,000 15,000-25,000 13,000-20,000 13,000-20,000 11,500-20,000 HR MIS (RH, KPIs Indicators) S-M N/A N/A N/A N/A N/A N/A HR PMO (Processes, Management and Change Management) Sustainability / Social Responsibility L 8,000-10,000 8,000-11,000 9,000-13,500 8,500-12,500 8,000-10,000 N/A S-M N/A N/A N/A N/A N/A N/A L 10,000-13,000 11,500-15,000 12,000-16,500 12,000-16,000 N/A N/A S-M N/A N/A N/A N/A N/A N/A L 8,000-12,000 12,000-16,000 12,000-16,000 8,500-12,500 7,500-11,500 7,500-11,500 * For further details about complete compensation package for Executive Board ( C-Level ) access the Page Executive Salary Survey: http://www.pageexecutive.com/insights/2013-executive-salary-survey-brazil 78

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