Jef U专家电话会议反馈：巴西经济展望 巴西何去何从？

Alejandro Anibal Demichelis * | Equity Analyst+34 919498377 | ademichelis@jefferies.comPedro Baptista * | Equity Analyst+44 (0) 207 029 8351 | pbaptista@jefferies.comInigo Vega * | Equity Analyst+34 910769995 | ivega@jefferies.comAlex Wright ^ | Equity Analyst+44 (0)20 7029 8368 | awright5@jefferies.comAntonio Pedro Cardoso, CFA ^ | EquityAssociate+44 (0)20 7029 8748 | acardoso@jefferies.comFrancisco Barbosa ‡ | Equity Associate+1 (212) 284-2197 | fbarbosa@jefferies.comEXPERT STUDIESGUEST SPEAKERDr Jose Luiz Rossi JrCountry Economist at the Inter-American Development Bank (IDB) inBrazilHOSTED BYAlejandro Demichelis andIñigo VegaLatin America Equity ResearchExhibit 1 - Brazil inflation (monthly % change).-0.51.01.5Source: IBGE Jefferies University: Insights from ExpertsJefferies University: Insights from ExpertsJefferies University is an executive-level education program that connects independent experts withinstitutional investors on matters critical to making informed investment choices. Through this globalprogram, Jefferies’ clients have the opportunity to meet thought-leaders, innovators and scholars on awide range of subjects that may be relevant to building investment portfolios. Topics can be tailored tosuit your needs and delivered in different formats including private or group conference calls, in-personpresentations or via video-conference as well as at our numerous conferences and summits held aroundthe world.Jefferies University: Exponential SeriesJefferies University courses go beyond investment matters. OurExponential Seriesalso delves intoissues that can impact investors on a personal level. Join us for sessions that may unlock meaningfulinsights relating to your health and well-being, personal development, family dynamics, professionalgrowth and significant cultural issues.Restricted to Jefferies’ clients, the program will continuously adapt to meet your needs and help identifythe latest industry trends, investment ideas and macro developments that matter to you most.Important DisclosureAny views or opinions expressed by the third-party experts are solely those of the speaker, notJefferies, and this does not represent an endorsement by Jefferies of the views or opinions expressed.For more information, suggestions and feedback, please contact JefferiesUniversity@Jefferies.com.Please see important disclosure information on pages 4 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Dr Jose Luiz Rossi JrDr Jose Luiz Rossi Jr is Country Economist at the Inter-American Development Bank (IDB) inBrazil and former Dean of the Master's in Economics program at IDP-Brasília. He holds a degreein Electrical Engineering from the State University of Campinas (1995), a master's degree inEconomics from Fundação Getúlio Vargas - RJ (1998), and a Ph.D. in Economics from YaleUniversity (2005). Has worked as a researcher at IPEA, a senior economist at Banco Itaú, and afull-time associate professor at Insper Instituto de Ensino e Pesquisa.Please see important disclosure information on pages 4 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Analyst Certification:I, Alejandro Anibal Demichelis, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Pedro Baptista, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Inigo Vega, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Alex Wright, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Antonio Pedro Cardoso, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this rese