Monthly Agribusiness Outlook: Macroeconomic Analysis & Crop Forecasts

1. MONTHLY AGRIBUSINESS BRAZIL MONTHLY AGRIBUSINESS BRAZIL May 2013 MacroeconomicResearchDepartment Macroeconomic Outlook • The expectation that the global economy will grow at a slow pace between the first and second quarters has been reinforced with the signs of more modest growth in China and the US combined with the negative outlook for Europe, highlighted by the cooling of the German economy. We also see a big reduction in political risks in Spain and Italy which opens room for discussions on economic activity that should remain moderate in the coming months. Against this backdrop, the monetary stimulus policies have been expanded and central banks are likely to keep the monetary easing policies in place. Looking ahead, we do not foresee any room for a sharp upturn in the prices of the main commodities in the short term, particularly oil and industrial metals, unless unexpected supply problems emerge. Agricultural prices remain a separate issue and the signs are that they will head even lower in the medium term despite upward pressures in the short term. • The latest data on Brazil´s domestic activity has brought a negative bias to our forecast for GDP growth in 2013 which we are reducing from 3.5% to 2.8%. This change has been brought about not only by the more negative prospects for Europe but also by the fall in exports to Argentina, the downward revision in estimates for oil production and lower expectations for household consumption. At the same time, with inflation remaining at a high level, despite the slight sequential decline, the Central Bank initiated an upward cycle of interest rates in April. We expect the total adjustment to raise the Selic rate to 8.25%, in increases of 0.25 p.p., and the IPCA inflation index to ease gradually during the year and end 5.4% higher. The trade balance has been below expectations, mainly because of oil exports and the loss of foreign markets for Brazil´s manufactured products (particularly with the ongoing decline in sales to Argentina). We have reduced our estimate for the 2013 trade balance from US$ 17.4 billion to US$ 9.1 billion which points to the exchange rate closing the year at R$/US$ 2.05, above our previous estimate of R$/US$ 2.02. • Executive Summary • Soybeans • The initial estimates for the 2013/14 crop point to a sharp increase in production in the US, Brazil and Argentina and should keep prices accommodated. The weather in the US should bring price volatility. • Corn • Prices should remain under downward pressure, reflecting the expected record crop in the US and the good development of the second crop in Brazil. Prices in the coming months will be volatile, reflecting weather conditions in the US during the planting period for the 2013/14 harvest. • Coffee • Prices should remain low as a result of the global surplus and the good Brazilian crop which is high even though this is an “off-year” in the biennial production cycle. • Beef • The high supply of pasture beef in the coming months should keep prices accommodated. The arrival of the drier weather and subsequent deterioration of the pastures should push prices higher from the second half although this will be reined in by the greater supply of feedlot cattle. • Sugar and Ethanol • Record sugar production in Brazil will expand the global surplus, pushing prices lower. A floor will be set by increased consumption and higher production costs. Ethanol prices will fall as harvesting speeds up but strong domestic demand will limit the decline.

2. Soybeans – The initial estimates for the 2013/14 crop point to a sharp increase in production in the US, Brazil and Argentina and should keep prices accommodated. The weather in the US should bring price volatility. SOYBEANS • Fundamentals • The soybean harvest is virtually over in Brazil´s Center-South region and the meteorological services are forecasting regular weather from April that should continue in the coming months. Therefore, the Brazilian harvest is set and there should be no major revisions in the coming months. The 2012/13 crop is expected to hit a record volume of 81.5 million tons, 22.8% higher than the previous harvest. • The dry weather is continuing in the Northeast region that accounts for 7% of domestic soybean production and the harvest is expected to fall by 10.7% over the previous one. • As the crop in Brazil and Argentina is virtually fixed, attention in the next few months will be directed at weather conditions during the planting period in the US which is likely to bring strong price volatility. • The USDA announced the first survey for the 2013/14 US harvest which is in the initial planting stage. The report estimated an increase of 10.2% in American production, amounting to 92.3 million tons. The estimate for the Brazilian and Argentinean 2013/14 harvests came to 85 million tons, 1.5% higher, and 54.5 million, 3.5% higher, respectively. These estimates for Brazil and Argentina are still at very early stages as the crop will not begin to be planted until September of this year. In any case, large harvests are expected for the three biggest exporters. These estimates indicate that the stock/global consumption ratio will rise from 27.2% for the 2012/13 harvest to 31.3% for the 2013/14 harvest and lead soybean prices to ease in the coming months. National production of soybeans 1990 – 2013 – in ´000 tons Source and Estimate: Conab Production: BRADESCO Productivity of the soybean crop 1990 – 2013 in kg per hectare Source and estimate:Conab Production: BRADESCO 2

3. Price of soybean to the producer – Paraná 2000 – 2012 in R$ per 60 kg bag Source:Deral Production and Estimate: BRADESCO International soybean prices (US$ cents/bushel) 2000 – 2013 Source: Bloomberg Production: BRADESCO 3

4. Corn – Prices should remain under downward pressure, reflecting the expected record crop in the US and the good development of the second crop in Brazil. Prices in the coming months will be volatile, reflecting weather conditions in the US during the planting period for the 2013/14 harvest. CORN MILHO • Fundamentals • The harvesting of the first corn crop is in the final stage in the Center-South region and there were no alterations in the Conab estimates for the eighth survey of the 2012/13 harvest released on May 8, as a result of the normal weather conditions in the region. The first corn harvest is estimated at 34.8 million tons, 2.8% higher than the previous one, boosted by the good level of productivity which jumped by 12.9%. Production in the North/Northeast region is expected to decline by 6.8% over the previous crop due to the drought. • The planting of the second harvest is virtually concluded and there could still be variations in the production estimates. The Conab eighth survey revised the estimate slightly higher by 502,000 tons, equivalent to 1.2% over the previous month. The second crop is estimated at 43.2 million tons, 10.4% above the previous harvest. • The good harvest in the US could make it difficult for Brazil to export at last year´s high level of 22 million tons. The likeliest amount is 15 million tons, as stated in the Conab May report. This will leave 17 million tons in stock, a very high volume compared with the six million tons registered over the last five years. • The USDA published the first survey for the 2013/14 harvest that is in the initial planting phase in the US. The report estimated a record corn crop 85 million tons higher, equivalent to an increase of 31% over the previous crop which was hit by drought. This is still a big increase of 14% over the 2011/12 harvest. • Planting in the US is behind schedule, with only 12% of the corn area planted by the beginning of May compared with the average of 20%, as a result of excess humidity and low temperatures. If this delay persists, the productivity level could be affected. Nevertheless, planting could speed up rapidly within a few weeks and reverse this delay, thanks to the high technological level of American agriculture. • As the crop is virtually defined in Brazil and Argentina, attention will be focused on the weather in the US in the coming months and should bring volatile prices. • The expectation of a good American crop means that prices should continue to be pushed lower but a floor will be set by the stock/global consumption ratio which, although estimated at 16.5% for the 2013/14 crop (14.5% for 2012/13), is still at a much lower level. Domestic corn production of 1990 – 2013 in ´000 tons Source and estimates:Conab Production: BRADESCO 4

5. Productivity – corn – in kg per hectare 1991 – 2013 Source and estimate: Conab Production: BRADESCO Corn producer price – Paraná 2000 – 2012 in R$ per 60 kg bag Source:Deral Production and Estimate: BRADESCO International Corn prices (US$ cents/bushel) 2000 – 2013 Source: Bloomberg Production: BRADESCO 5

6. Coffee – Prices should remain low as a result of the global surplus and the good Brazilian crop which is high even though this is an “off-year” in the biennial production cycle. COFFEE CAFÉ • Fundamentals • The government raised the minimum price of coffee by 17.3% to R$ 307 a 60-kg bag at the beginning of the month. However, this was below producers´ expectations of R$ 340, as the average production cost calculated by Conab is estimated at R$ 336. • The Safras e Mercado consultancy says that around 25% of the 2012/13 crop has still to be sold compared with the usual rate of 10% for this period. The 2013/14 crop is being harvested and around 10% has been sold compared with the usual rate of 30%. This delay in sales is a result of the low market prices. • The International Coffee Organization estimates losses in the coffee plantations of Central American countries and Mexico that have been hit by an attack of coffee rust fungus at 2.3 million bags. As a result, production in the region should shrink by 15.2% to 17.2 million bags. The ICO´s preliminary estimates point to greater impacts in the 2013/14 harvest. • The lower production in Central America was offset by higher production in Brazil, Colombia, Ethiopia and Indonesia (robusta) and Vietnam (robusta). The ICO says this is the first harvest year since 2007 when the global coffee market has registered a surplus, as production is expected to rise by 6.9% and consumption by 2.2%. • Prices should remain low, squeezed by the global surplus in the 2012/13 period and the good 2013/14 harvest in Brazil. Floors will be set by losses brought about by the fungus attacks in Central America and the higher minimum coffee prices. Domestic production of coffee – 1994 – 2013 in ´000 60 kg bags Source and estimate: Conab Production: BRADESCO Arabica coffee – price to the producer - São Paulo 2000 – 2013 in R$ per 60 kg bag Source:CepeaEsalq Production: BRADESCO 6

7. International Coffee Prices 2000 - 2013 In US$ cents/ Lb Source: Bloomberg Production: BRADESCO World consumer stock consumption ratio of coffee – 1990 - 2012 Stock estimate: USDA, Consumption estimate: OIC Price estimate: average of future prices Source:Nybot, OIC, USDA Production: BRADESCO 7

8. Beef – The high supply of pasture beef in the coming months should keep prices accommodated. The arrival of the drier weather and subsequent deterioration of the pastures should push prices higher from the second half although this will be reined in by the greater supply of feedlot cattle. BEEF BOI • Fundamentals • Beef prices should remain at low levels in the coming months, due to the high supply on one hand and the stable demand on the other: • Supply • Higher seasonal supply of beef ready for slaughter between May and June. The arrival of the dry winter weather with the subsequent deterioration of the pastures will discourage farmers from keeping cattle in pasture as the good pasture conditions during the summer favor fattening the cattle; • Greater supply of cows for slaughter, due to the stock-raising cycle. The share of cows of total cattle slaughtered in 2012 came to 34% compared with the historic average of 30%. • The decline in corn prices will boost stock feedlot operations. Estimates by Assocon point to a rise of 5% in feedlot raising in 2013, expanding the supply of beef ready for slaughter in the second half of the year. • Demand • Stable domestic demand although at a high level; • Competition from chicken and pork, the prices of which have eased due to the lower cost of corn- based feed; • Exports expanded by 30% in the first quarter of 2013 year over year and should continue to rise, boosted by the lower supply from the US that was hit by drought, and buoyed up by the exchange rate of around R$ 2.05. • Prices should start to react positively from the second half, reflecting the lower supply of cattle ready for slaughter due to the worsening of pasture conditions with the arrival of the dry winter weather. In any case, the fundamentals should hold back any sharp rise in prices. Brazilianbeefexports (in tons) 2010 – 2012 Source: SECEX Production: BRADESCO 8

9. Live cattle– price to the producer –São Paulo – 2000 – 2013 in R$ per arroba Source: Cepea Production: BRADESCO SlaughterCattle in thousandheads 2009 - 2013 Source:MAPA Production:BRADESCO 9

10. Sugar and Ethanol – Record sugar production in Brazil will expand the global surplus, pushing prices lower. A floor will be set by increased consumption and higher production costs. Ethanol prices will fall as harvesting speeds up but strong domestic demand will limit the decline. SUGAR AND ETHANOL Açúcar e Etanol • Fundamentals • Unicaannounced the first estimate for the 2013/14 sugar cane harvest for the Center- South region which showed an increase of 10.7% in sugar cane production. This harvest will have more alcohol production, according to Unica, as the estimate points to an increase of 4.1% in sugar production and a sharper rise in ethanol production, mainly to meet the increase in the mixture of ethanol in gasoline from 20% to 25%. The estimates for anhydrous and hydrous ethanol point to rises of 28.3% and 12.2%, respectively. • Even with this more modest expansion of sugar production, the higher Brazilian crop increases the chances of another global surplus for the fourth consecutive harvest, pushing sugar prices lower. • The big volume of ethanol production in the current harvest should push prices on the domestic market lower as the harvest speeds up in May. On the other hand, a floor for prices will be set by the domestic demand which has been boosted by the increase in the mixture of ethanol in gasoline from 20% to 25% which came into force on May 1 Sugar caneproduction 1990 - 2013 in ´000 tons Source and estimate: Conab Production: BRADESCO Domestic production of sugar and ethanol 1993 – 2013 Sugar in ´000 tons Ethanol in ´000 liters Sourceandestimate: Conab Production: BRADESCO 10

11. AnhydrousandHydrousEthanolPrices 2010 - 2013 in R$ per cubicmeters SOURCE: BMF BOVESPA PRODUCTION: BRADESCO International sugar prices 2000 – 2013In US$ Cents/ Lb Source: Bloomberg Production: BRADESCO 11

12. Harvest follow-up Soybean harvest in Brazil 2012/13 in ´000 tons(latest reports) Source: Conab Production: BRADESCO World Soybean harvest monitoring 2012/13 in ´000 tons Source: Usda Production: BRADESCO Global soybean stock consumption ratio 2012/13 harvest Source: Usda Production: BRADESCO 12

13. Corn harvest in Brazil 2012/13 in ´000 tons (latest reports) Source: Conab Production: BRADESCO World corn harvest monitoring 2012/13 in ´000 tons Source: Usda Production:BRADESCO Global corn stock consumption ratio 2012/13 harvest Source: Usda Production: BRADESCO 13

14. Change in cornproduction (harvest 2012/13) Source: CONAB Production: BRADESCO Cornsummerharvest in Brazil (in thousand tons) 2012/13 Source: CONAB Production: BRADESCO Corn interim harvest in Brazil (in thousand tons) 2012/13 Source: CONAB Production: BRADESCO

15. Snapshot of the market SOYBEANS SOYBEANS • Soybean Complex • Of the soybeans produced in grains from Brazil, 45% is exported and 55% is sent for crushing. The crushing process results in 72% meal and 18% oil. The remaining 10% consists of seeds and losses. Of the meal and oil produced, 50% and 20% are exported, respectively. • Soybeans are an export crop, as the level of production exceeds consumption by around 40%. This means that any increase in domestic production creates an excess for export. • Soybeans are used on the domestic market in the production of food such as mortadela ham and sausages and around 80% is used in the manufacture of animal feed. Soybeans account for 25% to 30% of the feed for poultry and hogs. • Countries of destination • Grain: 65% China, 25% Europe, 10% other Asian countries. • Meal: 70% Europe, 20% Asian countries. • Seasonal factors • Summer harvest: planting occurs between October and December and the harvest is concentrated between February and May. • Regionalization • Midwest: 45%, South 38%, 8% Northeast, 6% Southeast • Ranking • Brazil is the second-largest global player global in the production and export of soybeans after the US. World ranking of the soybean complex 2011 – 2012 harvest Source: Usda Production: BRADESCO 15

16. Snapshot of the market CORN CORN • Corn forms the base for animal feed used in the main kinds of animal raising and accounts for : • 64% of poultry raising • 65% of hog raising • 23% of dairy farming • Countries of destination • Corn is a crop which is more directed at the domestic market as it meets the strong demand from poultry and hog raising activities that are highly developed in the South and Southeast regions of Brazil. • Corn exports are made whenever there is excess production. Exports accounted for 15% of the volume produced in the 2010/2011 harvest . • Seasonal factors • Corn has two harvests: • Summer harvest: planting occurs between October and December and the harvest is concentrated between February and May. This represents 64% of the total harvest. The regional distribution is as follows: 43.4% South, 30.3% Southeast, 10% Midwest,12.8% Northeast. • Winter harvest: planting occurs between February and June and the harvest is concentrated between July and November. It represents 36% of the total harvest. The regional distribution is as follows: 59.3% Midwest, 30.7% South (only Paraná), 5.7% Southeast, 3% Northeast (only Bahia). • Ranking • Brazil is the fourth-largest global producer of corn, with a market share of 7% and is the third-largest exporter, with a share of 9%. 16

17. Snapshot of the market COFFEE COFFEE • Brazil exports 70% of the coffee it produces, most of which is green coffee, 96%, and 4% soluble coffee • The coffee crop has high labor costs which represent around 50% of total costs, as most of the harvesting is manual. • Countries of destination • Green coffee: 60% Europe. • Soluble coffee: 18.5% US, 11.3% Russia, 6% Japan. • Regionalization • Regional distribution of arabica coffee production : • 67.9% Minas Gerais • 10.8% São Paulo • 9.1% Espírito Santo • 5.4% Bahia • 5.3% Paraná • Regional distribution of robusta coffee production: • 71.2% Espírito Santo • 14.3% Rondônia • 6.4% Bahia • 2.4% Minas Gerais • Seasonal factors • The coffee flowering occurs between September and November in Brazil. The harvest begins in May and continues until September. • Ranking • Brazil is the largest global player of coffee with a share of 39.2% of production and 30.5% of exports. The other players, such as Vietnam and Colombia, have low domestic consumption unlike Brazil which is responsible for 15% of world consumption. • Distribuição regional da produção de café robusta: • 71,2% Espírito Santo • 14,3% Rondônia • 6,4% Bahia • 2,4% Minas Gerais 17

18. Snapshot of the market BEEF • The domestic beef herd is estimated at almost 200 million head. The commercial herd for slaughter is estimated at 40 million head, i.e. this is the volume of cattle with the ideal age and weight for slaughter. The rest of the herd is split into dairy cows, calves and unfattened cattle. • Exports account for 17% of domestic production of beef. • The meat complex has undergone structural changes such as: • In 2004 Brazil consolidated itself as the world´s largest exporter of beef and chicken; • Productive process – reduction in the slaughtering cycle; • Regionalization – movement of production to the Midwest and North regions of the country; • Consolidation – move towards mergers and acquisitions; • International expansion – purchase of meatpackers abroad by national companies. JBS, Marfrig and Bertin bought plants in Argentina and Uruguay. JBS bought Swift, with plants in the US and Australia, and became the largest company in the world; • Opening capital – JBS (ex-Friboi), Marfrig, Minerva. • Countries of destination • Russia is the main destination market for Brazilian beef exports, with a share of 27%. The Arab countries account for 30%. • Regionalization • Beef slaughtering has the following regional distribution: 34.8% Midwest, 22.7% North, 18.2% South, 13.5% Southeast, 10.8% Northeast. • Ranking • Brazil is the second-largest global producer of beef with a share of 15.9%, behind the US which has 21%. • Brazil is the largest world exporter, with 20% of the market. • Seasonal factors • The beef production cycle is long – 2.5 years from the birth of the calf to the slaughter of the animal when it weighs approximately 15 arrobas. • The system for creating beef in Brazil is extensive cattle raising, i.e., the animal is raised on the pasture and grazes freely. • The confinement system in which the cattle are raised in small areas on animal feed accounts for only 5% of the total slaughter. • The beef harvest occurs in the first half of the year during the rainy season when there is abundant pastures. The prices of live cattle are lower in this period due to the greater supply of beef for slaughter,. • The beef inter-harvest period occurs in the second half during the dry period when the cold and frost dry up the pastures. The cattle lose weight and there is lower supply of beef for slaughter. However, the beef prices are high in this period because there is a greater offer of beef raised in confinement where the cost of production is higher. The greatest slaughter of confined steers takes place at the peak of the inter-harvest season (October). • There are two shifts in the confinement system: • 1st shift: steers are accommodated between May and June and delivered in August-September • 2nd shift: steers are accommodated between August-September and delivered in November-December 18

19. SUGAR AND ETHANOL Snapshot ofthe Market • Ethanol and Sugar Complex • Of the sugar cane produced in Brazil, 46% is directed to the production of sugar and 54% to the production of ethanol (2011/12 harvest). • Sugar has the following destinations: 68% for export and 32% for the domestic market. Ethanol has the following destinations: 7% for export and 63% for the domestic market. • Of the total ethanol produced, 68% is hydrous (used in flex fuel cars) and 32% is used as anhydrous (mixed with gasoline in a ratio ranging from 20% to 26%). • Sugar is an export crop as the level of production exceeds consumption by around 70%. This means that any increase in domestic production leads to a surplus that can be exported. • Countries of destination • Raw Sugar (73% of production) : 16% Russia, 10% China; • Refined Sugar (27% of production): Arab and African countries; • Ethanol: 34% US, South Korea 15%, Japan 14%. • Seasonal Factors • Cane is a perennial culture as the time between the planting and the harvesting is 18 months and the same plant can produce up to six cuts on average. • The harvesting period for the cane occurs between April and November when the plants operate 24 hours a day. The plants are shut down for maintenance between January and March • Brazil is the only large global player which has a harvest in the first half of the year. The others - US, Europe, India, Thailand and Australia - begin harvesting from the second half of the year. • Regionalization • 65% Southeast, 16.8% Midwest, 10.3% Northeast, 7.3% South. • Ranking • Brazil is the world´s biggest producer of sugar and has a share of 21.2%. The other players are: India 16.8%, European Union 9.9%, China 7%, and Thailand 6%. • Brazil is the largest exporter, with a share of 42% of the global market. The other exporters are: Thailand 15.3%, Australia 5.2%. • The largest world producers of ethanol are: 45% US and 33.5% Brazil. • Complexo Sucroalcooleiro • Da cana-de-açúcar produzida no Brasil, 46% se destina à produção de cana e 54% à produção de etanol (safra 2011/12). • O açúcar tem a seguinte destinação: 68% exportação e 32% mercado doméstico. O etanol tem a seguinte destinação: 7% exportação e 63% mercado interno. • Do total de etanol produzido, 68% é hidratado (usado como combustível nos carros flexfuel) e 32% é usado como anidro (misturado à gasolina na proporção de 20% a 26%). • O açúcar é uma cultura de exportação, visto que o nível de produção excede o consumo em torno de 70%. Isso significa dizer que qualquer crescimento da produção nacional gera excedente exportável. • Países de destino • Açúcar Bruto (73% da produção) : 16% Rússia, 10% China; • Açúcar Refinado (27% da produção): Países árabes e africanos; • Etanol: 34% EUA, Coreia do Sul 15%, Japão 14%. • Sazonalidade • A cana é uma cultura perene, pois o tempo entre o plantio e a colheita da cana é de 18 meses, e da mesma planta é possível fazer até 6 cortes, em média. • O período de colheita da cana ocorre entre abril e novembro. Nesse período as usinas operam 24 horas. Entre os meses de janeiro e março as plantas são desmontadas para manutenção. • O Brasil é o único grande player mundial com safra no 1º semestre do ano. Os demais: EUA, Europa, Índia, Tailândia e Austrália têm início de safra a partir do 2º semestre do ano. • Regionalização • 65% Sudeste, 16,8% Centro-Oeste, 10,3% Nordeste, 7,3% Sul. • Ranking • O Brasil é o maior produtor mundial de açúcar com participação de 21,2%. Os demais players são: Índia 16,8%, União Europeia 9,9%, China 7%, Tailândia 6%. • O Brasil é o maior exportador, com participação de 42% no mercado global. Os demais exportadores são: Tailândia 15,3%, Austrália 5,2%. • Os maiores produtores mundiais de etanol são: 45% EUA e 33,5% Brasil. 19

20. Seasonalityofslaugtherofsteersandcowsandlivecattleprices 1997 – 2010 in R$ per arroba Source: IBGE, CEPEA Production: BRADESCO DEPEC - BRADESCO does not accept responsibility for any actions/decisions that may be taken based on the information provided in its publications and projections. All the data and opinions contained in these information bulletins is carefully checked and drawn up by fully qualified professionals, but it should not be used, under any hypothesis, as the basis, support, guidance or norm for any document, valuations, judgments or decision taking, whether of a formal or informal nature. Therefore, we emphasize that all the consequences and responsibility for using any data or analysis contained in this publication is assumed exclusively by the user, exempting BRADESCO from all responsibility for any actions resulting from the usage of this material. We all point out that access to this information implies acceptance in full of this term of responsibility and usage. The reproduction of the content in this report (partially or in full) is strictly forbidden except if authorized by BRADESCO or if the sources (the name of the authors, publication and BRADESCO) are strictly mentioned. Team Octavio de Barros - MacroeconomicResearchDirector Marcelo Cirne de Toledo Global economicsFabiana D’Atri / Leandro de Oliveira Almeida / Felipe Wajskop França / Andrea Marcos Angelo Brazil: Robson Rodrigues Pereira / Andréa Bastos Damico / Ellen Regina Steter / MyriãBast / / Priscila Pereira Deliberalli Braziliansectors: Regina Helena Couto Silva / Priscila Pacheco Trigo / Rita de Cassia Milani Proprietarysurvey: Fernando Freitas / Ana Maria BonomiBarufi / Leandro Câmara Negrão Internships: Priscila Monteiro Ortega / Ana Beatriz Ract Pousada / Thiago Chaves-Scarelli / Andre Kengi Alves Hirata / Henrique Araújo da Silva / Laura Marsiaj Ribeiro / Klaus Heinz Troetschel