Latin American Business Outlook Part of the Global Business Outlook A joint survey effort between Duke University, Fundação Getúlio Vargas and CFO magazine.

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Latin American Business Outlook Part of the Global Business Outlook A joint survey effort between Duke University, Fundação Getúlio Vargas and CFO magazine Latin American Business Outlook Duke University / FGV / CFO Magazine Summer

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

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

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

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

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

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

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

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

10 Corruption Effects (Latin America, Summer 2012) To the extent that business corruption exists, what would you say are its major effects?

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

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

Latin American Business Outlook Part of the Global Business Outlook A joint survey effort between Duke University, Fundação Getúlio Vargas and CFO magazine Latin American Business Outlook Duke University / FGV / CFO Magazine Summer