1

2014 3 17 Vol. 149 2000 4 2013 6 2013 10 2014 2020 460 2017 560 Tier2/Tier3

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2010 4 2013 2003 10 2013 0.9% 376.7 1 10.4% 374.0 12.3% 27.9% 14.5% 11.3% 11.9% 3.3% 4.7% -0.9% 25 45 6 23 20 706 3,740 117 3,767 563 15 * 10 63 5 22 1% 12ANFAVEA 2010 100 2 2013 26.6% 56.3 10.3% 70.6 2

II 2014 2013 9 2013 1%-2% 2013 12 2006 2010 10% 2013 12 8 3 2013 8 21.6%2013 6 2012 2013 2014 1.1% FENABRAVE3.24% 0.29% 2014 3

2006 2000 4 2003 2002 2003 2009 3% 2010 7.5% 2003 470 1 55% 5 470 2,000 2011 54 2014 6 1 1,480 % IMF 3% 2014 2015 2% 100% 80% 38 60% 54 57 40% 27 20% 28 21 20 0% 14 8 2003 2011 2014e 45 2011 0 705 706 1,126 1,127 4,854 4,855 1 1 2.4 4

50 40 30 2005 1 18.4% 2013 10 45.4% 6 2007 32 50% 7 6 2005 20 10 0-10 20131 20121 20111 20101 20091 20081 20071 20061 20051-20 2007 2008 2009 2010 2011 2012 2013 9 1 1L IPI 8 IPI IPI 2009 2009 0.3%+11.3%2012 IPI 5

(%) 13% 1L-2L 11% IPI 128 12 IPI1 4 201312 201417 7% 6.5% 5.5% 8% 7% 10% 9% 3% 2% 0% 2012 2013 2014 2012 77% 3 220 9 2010 1L 1L 10 910 6

OEM Big4 FiatVolkswagenGeneral Motors Ford 2005 8 Big4 7 11 Big4 200 2013 5.7% 6 2013 4 11.4%4.7%4.2% 2014 Big4 2005 2009 2013 Big4 82.9% Big4 80.9% Big4 69.7% 2013 7

2013 12 Volkswagen Gol Fiat Uno 13 30 1980 24,000 10,000 2013 12 Volkswagen Gol 1 2 8

HB20 GMONIX GM 33,000 HB2031,000 ONIX Gol Uno QuatrorodasHB20 5 Onix 3 HB20 HB20 VW/GOL FIAT/UNO HYUDAI/HB20 GM/ONIX 1980 1980 20083 20083 PQ24 platform PQ24 platform 2010 2010 UNO1983 UNO1983 Fiat Mini platform Fiat Mini platform 2012 2012 Kia/Soul, Hyundai/i20 Kia/Soul, Hyundai/i20 2012 2012 Gamma platform Gamma platform / / / / L 1.0 1.0 / / 1.6/ 1.6/ 1.6 1.6 I-Motion, I-Motion, Flex Flex Fire Fire 1.0 1.0 Evo Evo / / Fire Fire 1.4 1.4 Evo, Evo, Flex Flex 1.0 1.0 Kappa Kappa Flex Flex / / 1.6 1.6 Gamma Gamma Flex Flex 1.0 1.0 / / 1.4, 1.4, Flex Flex UNO UNO Quatrorodas 9 FFV FFV 88.5%2013 14 1970 1975 Pró-Álcool/Programa Nacional 2003 3 FFV 25% 9

15 () 2013 1 6% 500 2009 2010 2011 2012 2013 2014 2014 2 10

2003 2005 16 IPI 2009 2011 2014 1 ABS Quatrorodas Quatrorodas 11

. 2013 2012 2013 187,467 154,549 32,918 172011 2012 1 Euro3 Euro5 2011 2012 2013 2011 2012 2 Mercedes-Benz 2014 2015 2 10 4,200 2013 10 2 250,000 200,000 180,000 200,000 28,422 34,638 32,918 160,000 140,000 150,000 28,809 120,000 100,000 50,000 19,763 15,363 80,334 23,198 27,010 122,107 22,625 98,498 109,873 157,694 172,871 139,147 154,549 100,000 80,000 60,000 40,000 20,000 0 76,258 2005 2006 2007 2008 2009 2010 2011 2012 2013 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 Semi Light Light Medium Semi Heavy Heavy 1718 1920 12

2 1 2009 PAC 2011 PAC2 9,443 2014 2016 2 FINAME 2013 9 78% FINAME 21 FINAME 2007 2008 2009 2010 2011 2012 2013 9 13

III 2013 374 2013 374 222005 2007 2012 2011 12 Inovar-auto OEM 2012 487 2013 2017 560 2012 73 23 641 600 236 240 283 305 308 338 342 334 374 487 516 585 631 636 641 2012 154 2017 560 2005 2006 2007 2008 2009 2010 2011 2012 2013 2223 14

2010 2011 2012 2013 2014 2015 2016 2017 2018 OEM OEM 24 Fiat6,250 USDVolkswagenAudi 4,000 USD 2 BRL USD R&D Fiat 15,000 6,250 VW 9,200 520 (Audi) 3,833 217 Ford 4,500 1,875 PSA 3,700 1,542 Nissan 2,600 1,083 Daimler- Benz 2,000 833 Honda 2,000 833 Renault 1,500 625 Chery 1,400 583 JAC 1,000 417 MAN 1,000 417 Toyota 1,000 417 Jaguar Land Rover 750 313 BMW 535 223 Volvo 500 208 Mercedes-BenzJaguar Land RoverAudi Inovar-auto 15

2001 Ford Fiat 25 JAC Ford Ford 40 2 Volkswagen Gol FIAT UNO 25 FIAT Volkswagen GM Ford Renault CKD PF PF PSA Hyundai 16

OEM OEM OEM Volkswagen 2014 Up! Volkswagen 2015 Gol FFV OEM Mercosur 65% Inovar-autoIPI 8 26 17

IV 1 2005 2005 302006 2009 2012 2013 374 15%56 27 OEM () () Volkswagen General Motors Renault Ford Fiat Peugeot Citroen Toyota Honda MAN Scania 2728 29 18

() () 2013 11 Exportar-Auto 2017 100 100 6 2012 285 30 2014 1 2014 2 19

1,200 1,000 () 1,063 932 6285 2012 2007 2008 2009 2010 2011 2012 2013 800 600 400 200 398 316 191 99 0 1 2 2013 31 12 2004 2011 85.8 312007 67.1%2012 24% 23.4% 32 2011 12 2012 3 3 2007 277 2012 795 3132 312013 3,400 20

(Mercosur) 33 // 34 2013 6 / (5) 2013630 20146 20112: 20115: 20136: VALE ALL 3334 21

V OEM 2012 820 340 352011 2012 OEM 2005 61.7%2012 69.3% 362005 18.7%2012 8.6% 2007 2000 OEM () 3536 22

Sindipecas Tier Tier1 50 Tier2/3 450 Tier 37 Tier1 Tier2/3 19 1 1.25 Tier1 Tier2/Tier3 Tier1 Tier1 38 Tier1Tier2 23

Tier1 Tier2 Tier1 50 OEM Tier2 Tier1 Tier2 0 24

2015 Tier2/3 2013 12 2014 10 39-2015 - Tier1 Tier2 Tier3 2015- Tier1100% /M&A Tier2 * 25

VI 40 4 4 4 1 2012 255 85%214.3 2012 5 2012 386 795 940 3,802 2,557 3,343 2,143 442 2012 380 94 4 1 334 255 76% 44.2 214.3 5 79.5 38.6 21 - - - - - - - - 26

41 2 10 42 20 () () 1013 20 4142 2 27

43 2012, 2012, Fiat Chrysler VW GM Ford Toyota Nissan Honda Hyundai 454 604 570 451 55 683 63-820 852 615 294 66 31 135 52-5 1 2 28

VII 2013 377 2013 12 2020 1%-6% 2006 2010 2020 410 460 3% 2020 463 1% 410 5% 530 44 2020 460 500 () 2013 377 2020 530 463 410 2001-2013 8.1% () 2013 2014 29

OEM 2013 487 374 / 77% Big4 7 2017 2012 2017 389 2017 560 69Big4 45 100 487 560 70.6 11.7 56.3 79.5 44.2 374 376.7 374 487 77% 389 424 2013 2017 424 2017 44.2 2012 79.5 2012 2017 389 389 560 69% 30

OEM OEM 2020 400-500 OEM 3 46 3 OEM OEM Inovar-Auto Inovar-Auto 4 3 OEM a. R&D b. c. Tier2 Tier2 Tier2/Tier3 Tier2 3 4 31

47 - - i) - - ii) M&A / Tier1 Tier2 Tier3 / / 32

VIII 4 OEM OEM 2013 376 2020 400 Big4 OEM 18,550km 30 4 2013 11.4%20 2014 12 24 2015 OEM 33

Tier1 Tier2 Tier2 OEM OEM OEM OEM OEM 3 OEM KYB / Tier2 34

IX OEM hiroyuki.ando@mizuhocbus.com 35

Brazilian Automotive Year Book Brazilian Autoparts Industry Performance http://www.anfavea.com.br http://www.sindipecas.org.br http://www.anef.com.br http://www.fenabrave.com.br http://jp.camaradojapao.org.br (http://www.anp.gov.br) (http://www.bcb.gov.br) http://www.bcb.gov.br Quatrorodas http://quatrorodas.abril.com.br Folha de Sao Paulo http://www.folha.uol.com.br Valor Economico http://www.folha.uol.com.br http://www.amia.com.mx http://www.jama.or.jp http://www.jetro.go.jp http://www.alic.go.jp http://www.imf.org 36

149 2014 No.5 26 3 17 1-3-3 Tel. (03) 5222-5075