Brazil s economic outlook and. infrastructure. investment opportunities. September Ministry of Finance

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1 Brazil s economic outlook and infrastructure investment opportunities September 2013 of Finance B R A Z I L I A N G O V E R N M E N T

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3 Summary Foreword 5 Economic Outlook Economic Development and Demand for Infrastructure Capital Market Instruments Highways Railways Ports Airports Oil and Gas Electricity Appendix Main types of business organizations in Brazil Useful Links Glossary

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5 Foreword Brazil currently presents an enormous opportunity for investment in infrastructure. The Brazilian economy has changed substantially over the last ten years. From 2003 to 2012, real GDP increased by 41 percent, real total wages by 65 percent and domestic retail sales by 119 percent. It was a period of consolidation for the domestic market, based on income growth and social inclusion. The country is currently among the biggest markets in the world. In the last decade, investments grew by 71 percent, above GDP growth rates, but they should increase even further in order to become the new engine of economic development. Eonomic growth has brought about challenges, particularly for the long term. Above all, Brazil needs to build up and modernize its infrastructure. That is the reason why President Dilma Rousseff launched the Energy and Logistics Investment Program in 2012, consisting of concessions for highways (7,500 km), railways (10,000 km), airports (Rio de Janeiro and Belo Horizonte) and ports. The implementation of the Program will not only reduce costs and improve competitiveness for all industries, but also keep Brazil on the sustainable growth path that has been a characteristic of the Brazilian economy over the last decade. Foreword In oil and gas, the 11th Bidding Round in May 2013 was very successful, and both the 12th Bidding Round and the 1st Round of the Pre-Salt Layer are scheduled for the end of In electricity, many auctions are being carried out until 2017 for the generation of 33,000 MW (from hydropower, wind power and other sources) and the installation of 21,000 km of transmission lines. As far as short term perspectives are concerned, Brazil resumed economic growth in 2013, after a small period of deceleration due to the deepening of the international crisis. In the second quarter, GDP grew 6.0 percent (quarterover-quarter, seasonally adjusted annual rate), one of the highest rates among G20 countries. The sustainability of the economic recovery is supported by high levels of investment, which increased 9.0 percent in the second quarter 5

6 of 2013 when compared to the second quarter of Furthermore, manufacturing shows signs of improvement, after two years of difficulties brought about by the international crisis. The outlook for the world economy, however, remains tenuous. Although there are signs of economic recovery in developed countries, with demand picking up in some advanced countries, the turmoil created by the expectation of tapering in U.S. monetary stimulus severely affected some emerging economies. World trade growth is still disappointing, posing challenges for economies heavily dependent on foreign markets. The Brazilian economy is prepared to face the challenges posed by the international economy. In addition to its considerable size 200 million people, mostly belonging to the middle social classes, the domestic market has been growing at an annual rate of over 6 percent in the last five years. Brazil s banks and financial markets are among the soundest and most dynamic in the world. International reserves of around US$ 370 billion vis-à-vis short term foreign debt of US$ 40 billion give monetary authorities the capacity to intervene if necessary. In 2012, foreign direct investment inflows to Brazil were US$ 65.3 billion, the fourth largest in the world. In the first half of 2013, FDI inflows amounted to US$ 30 billion. After a decade of consolidation of the domestic market, Brazil is ready for another decade of growth, now supported by investments, particularly in infrastructure. Private businesses and investors, both domestic and foreign, have the opportunity to take part in this process. Foreword 6

7 Economic Outlook

8 The world economy in the second quarter of 2013 GDP, QoQ seasonally adjusted annual rate, in % change, second quarter Canadá Canada Euro area 2.5 United kingdom Germany France Russia 8.5 Italy Turkey 2.3 China India Economic Outlook -1.3 USA -1.0 Japan South 4.5 Korea Mexico Brazil Australia Chile Below or equal to 3% Above 3% Indonesia South Africa Source: International Monetary Fund (IMF) and Bloomberg Produced by: 8

9 Slow recovery of advanced economies and China Purchasing Managers Index (PMI), manufacturing, in points Aug 2009 USA Euro Zone Jan 2010 China Jul 2010 Jan 2011 Jul 2011 Jan 2012 Jul 2012 Jan Sep 2013 Source: ISM (for USA) and HSBC/Markit Produced by: Economic Outlook 9

10 United States recovery: a double-edged sword 10-Year U.S. Treasury yields, in % per annum Uncertainty about the tapering of the FED monetary stimulus may trigger exchange-rate and financial volatility in emerging countries Economic Outlook Jan 2011 Jan 2012 Jan Sep 2013 Source: Bloomberg Produced by: 10

11 The long term appreciation of the Brazilian real has been partially reversed in 2013 Nominal exchange rate, in U.S. dollar/national currency, index (January 2007 = 100) Jan 2007 Jan 2008 Jan 2009 Jan 2010 Jan 2011 South Africa Turkey Jan 2012 Brazil Mexico India Jan Sep 2013 Source: Bloomberg Produced by: Economic Outlook 11

12 Volatility did not affect the capital account of the balance of payments In US$ million July Jan-July July Jan-July Estimate* Current Account -3,746-28,990-9,018-52,472-75,000 Financial Account 8,307 53,580 9,315 58,902 83,000 Direct Investment (net) 7,509 42,240 4,019 41,259 FDI 8,440 38,169 5,212 35,239 65,000 Portfolio Investment 1,343 3,707 3,898 17,981 Other Investments ,537 1, * Central Bank of Brazil estimate Source: Central Bank of Brazil Produced by: Economic Outlook 12

13 Confidence: high inflows of foreign direct investment Foreign direct investment in G-20 countries, 2012, in US$ billion United States China 65.3 Brazil United Kingdom Australia Russian Federation Canada India France Indonesia Mexico Turkey 12.2 Saudi Arabia Korea Italy 6.6 Germany 4.6 South Africa 1.7 Japan Source: UNCTAD Produced by: Economic Outlook 13

14 Public sector net debt drops consistently and stable gross debt Public sector net debt and General government gross debt, in % of GDP Public Sector Net Debt General Government Gross Debt * * July 2013 Source: Central Bank of Brazil Produced by: Economic Outlook 14

15 Brazil s international reserves in a comfortable situation International reserves, in US$ billion (July 2013) 3,500 1, ,497 China * 1, Japan Saudi Arabia ** 480 Russia *** 374 Brazil 330 Korea India Mexico Canada Turkey Indonesia Germany ** United Kingdom * France ** Australia ** South Africa 36 Italy ** * June 2013 ** May 2013 *** January 2013 Source: Bloomberg Produced by: Economic Outlook 15

16 Brazil s international reserves 58% above annual imports Reserves-to-imports of goods ratio, in %, July Economic Outlook % China ** 158% Brazil * 150% Russia ** 56% India 49% Indonesia 44% Mexico 43% South Africa 42% Turkey * August 2013 ** June 2013 Source: Bloomberg Produced by: 16

17 Brazil s international reserves much above external debt levels Reserves-to-short term external debt ratio, in %, March , Economic Outlook % 572% 462% 303% 232% 229% 167% 108% 92% 0 Brazil Russia China India Indonesia Mexico South Africa Argentina Turkey Source: Bloomberg and International Monetary Fund (IMF) Produced by: 17

18 Brazil s international reserves have not been changed even under international uncertainty International reserves, in US$ billion US$ bn Economic Outlook 300 Jan 2013 Feb 2013 Mar 2013 Apr 2013 May 2013 Jun 2013 Jul 2013 Aug Sep 2013 Source: Central Bank of Brazil Produced by: 18

19 The role of derivatives in Brazil: second largest market for interest-rate options and futures In billions of U.S. dollars and millions of contracts Financial volume traded in 2012 (US$ billion) Number of contracts traded in 2012 (millions) Brazil / BVMF* 25, Mexico /Mexder Russia / Moscow Ex South Africa / JSE 38 3 Singapore / SGX 0 1 India / NSE-BSE-MCX 0 0 Malaysia / Bursa Malaysia 0 0 China** 0 0 Turkey*** 0 0 US$ Billion 30,000 25,212 25,000 20,000 15,000 10,000 5,000 0 Brazil* 241 Mexico Russia South Africa Turkey*** * For Brazil, indicators only include futures and options operations ** In China, currency derivatives are not traded (FX restriction) *** Turkdex Annual Market Statistics (Annual Fact Book 2012) Source: World Federation of Exchanges Produced by: Economic Outlook 19

20 Sixth largest market for currency options and futures In billions of U.S. dollars and millions of contracts Country Currency Options and Futures Financial volume traded in 2012 (US$ billion) Number of contracts (in millions) traded in the same basis (if contracts were all of USD 1,000) Brazil / BVMF* 4,525 4,727 India / NSE-BSE-MCX Russia / Moscow Ex South Africa / JSE Mexico /Mexder Turkey / Turkdex *** 13 1 Malaysia / Bursa Malaysia 0 - China ** 0 - Singapore / SGX 0 - US$ Billion 5,000 4,000 3,000 2,000 1, ,525 Brazil* 821 India 437 Russia México South Africa Turkey *** * For Brazil, indicators only include futures and options operations ** In China, currency derivatives are not traded (FX restriction) *** Turkdex Annual Market Statistics (Annual Fact Book 2012) Source: World Federation of Exchanges / Futures Industry Association Magazine March 2013 Produced by: Economic Outlook 20

21 In Brazil, the large market for foreign exchange derivatives stimulates companies to use currency hedging Foreign exchange derivative transactions over spot transactions, in % % Brazil 347% Turkey 252% China 247% India 231% 207% 178% 175% Korea South Africa United Kingdom United States 161% Global 161% Canada 138% Mexico 137% Euro 136% Australia 134% Russia 101% Japan Source: Bank for International Settlements (BIS) Produced by: Economic Outlook 21

22 G20 emerging markets external sector Current account, in % of GDP, second quarter of Russia* China -1.3 Mexico -1.9 ** -3.2 Brazil -3.3 Indonesia India* South Africa* Turkey* * First quarter 2013 ** Excluding the oil account, the Brazilian current account deficit would be 1.9% of GDP. There was a temporary delay in the register of the 2012 imports and there were several stops for maintenance in Petrobras platforms. Additionally, delays in the start of new producing systems in the last few years and existing problems in the post-salt systems resulted in a slowdown in the domestic extraction of oil and gas since All these factors that interfered in the Brazilian trade balance will start to improve significantly in the second half of Ten new platforms will be starting operations in 2013/2014, and several others will start operations in the following years, doubling production until 2020, according to EIA estimate Source: Bloomberg Produced by: Economic Outlook 22

23 Oil and gasoline accounted for a large part of the decrease in trade surplus Trade balance, total and ex-oil, in US$ billion Total balance Total balance ex-oil and other oil products * * On a 12-month basis up to July 2013 Source: of Development, Industry and Trade (MDIC) Produced by: Economic Outlook 23

24 Despite difficulties, investments are recovering in Brazil Gross fixed capital formation, seasonally adjusted, in % QoQ Q Q Q Q 2013 Source: Brazilian Institute of Geography and Statistics (IBGE) Produced by: Economic Outlook 24

25 Inflation within the target range since 2004 Broad Consumer Price Index (IPCA), in % YoY IPCA Upper Bound Economic Outlook Target core Lower Bound * Average forecast for 2013, according to the Central Bank of Brazil market research on September 6, * Source: Brazilian Institute of Geography and Statistics (IBGE) and Central Bank of Brazil Produced by: 25

26 G20 emerging markets inflation Consumer price index, in % YoY, August China 3.5 Mexico 6.1 Brazil 6.4 South Africa * 6.5 Russia 8.2 Turkey 8.8 Indonesia 10.7 India ** * July 2013 ** June 2013 Source: Bloomberg Produced by: Economic Outlook 26

27 Sound financial system In %, latest available data Basel Index (Capital Adequacy) Germany Turkey Brazil Mexico Canada South Africa United Kingdom USA France South Korea Japan Russia Italy India Australia Spain Brazil Mexico Argentina Chile South Korea Turkey Canada Russia India USA Australia United Kingdom France Japan South Africa Spain Italy (Provisions minus Delinquencies)/Capital Net Assets/ Short-term Liabilities Brazil Germany South Korea Russia Italy USA Turkey Canada Japan Mexico Australia United Kingdom South Africa India Source: International Monetary Fund (IMF) - Fiscal Soundness Indicators Produced by: Economic Outlook 27

28 Real estate loans have still huge opportunities of expansion in Brazil Real estate loans, annual growth rate, in % Despite their growth, in July 2013 real estate loans represented only 7.7% of Brazil s GDP, a much lower rate than in developed countries and most emerging economies 34.0 Economic Outlook 10 0 Mar 2008 Jul 2008 Jan 2009 Jul 2009 Jan 2010 Jul 2010 Jan 2011 Jul 2011 Jan 2012 Jul 2012 Jan 2013 Jul 2013 Source: Central Bank of Brazil Produced by: 28

29 Brazil presents sound fiscal accounts Budget balance, in % of GDP Primary Results Brazil * 2.6 Latin America Euro Zone Asia United States Brazil Latin America Euro Zone Asia United States Nominal Result * * IMF estimates Economic Outlook Source: International Monetary Fund (IMF) - Fiscal Monitor and Central Bank of Brazil Produced by: 29

30 Confidence: low spreads for sovereign bonds 10-year Brazilian Global bonds* and U.S. Treasury yields, in % per annum Jan May Dez 2009 Brazilian sovereign bonds Apr U.S. Treasuries 27 Jul Jul Jan Sep May 2013 * Yields at issue date Source: National Treasury Secretariat (STN) Produced by: Economic Outlook 30

31 Increasing number of non-resident investors in Brazilian public debt Non-resident share in federal public debt, in % of total DFPD* Mar Jul Nov 2007 Mar 2008 Jul Nov 2008 Mar 2009 Jul 2009 Nov 2009 Mar 2010 Jul Nov 2010 Mar 2011 Jul 2011 Nov 2011 Mar 2012 Jul 2012 Nov 2012 Mar 2013 Jul * Domestic Federal Public Debt Source: National Treasury Secretariat (STN) Produced by: Economic Outlook 31

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33 Economic Development and Demand for Infrastructure

34 Domestic market: dynamism of retail sales Broad retail sales, seasonally adjusted, in % YoY * * On a 12-month basis up to July 2013 Source: Brazilian Institute of Geography and Statistics (IBGE) Produced by: Economic Development and Demand for Infrastructure 34

35 Sustainable labor market ensures dynamic domestic demand New formal jobs, in millions million jobs * For 2012 and 2013, updates after the official release date were taken into consideration * January to July 2013 Source: of Labor and Employment Produced by: Economic Development and Demand for Infrastructure 35

36 Increasing demand for infrastructure services: airline passengers Airline traffic, in millions of passengers : 182.3% growth Source: National Agency for Civil Aviation (ANAC) Produced by: Economic Development and Demand for Infrastructure 36

37 Growing external trade Brazilian trade flow (exports plus imports), in US$ billion : 332.4% growth * * On a 12-month basis up to August 2013 Source: of Development, Industry and Foreign Trade (MDIC) Produced by: Economic Development and Demand for Infrastructure 37

38 Significant growth in port trade volume Total cargo handling in ports, in millions of tons : 58.4% growth * * On a 12-month basis up to March 2013 Source: National Agency for Water Transportation (ANTAQ) Produced by: Economic Development and Demand for Infrastructure 38

39 Vehicular traffic In thousand vehicles per km per year, on highways under concession : 86.6% growth * * Estimate based on monthly average up to August 2013 Source: Brazilian Association of Highway Concessionaires (ABCR) Produced by: Economic Development and Demand for Infrastructure 39

40 Vehicle sales more than doubled in ten years New vehicles (buses, trucks, light commercial vehicles and cars), in million of vehicles th largest vehicle market in the world : 153.5% growth * * On a 12-month basis up to August 2013 Source: Brazilian Association of Automotive Vehicle Manufacturers (ANFAVEA) Produced by: Economic Development and Demand for Infrastructure 40

41 Railroad volumes Revenue tonne kilometers (RTKs), in billions : 77.4% growth Source: National Transportation Agency (ANTT) Produced by: Economic Development and Demand for Infrastructure 41

42 Brazilian harvest in record figures Brazilian grain harvest*, in millions of tons / / / / / / / / / / / / /2013** * Preliminary data:subject to change by Conab/MAPA ** Conab estimates in September 2013 Source: of Agriculture, Livestock and Food Supply (MAPA) Produced by: Economic Development and Demand for Infrastructure 42

43 Agricultural leadership Brazil in the global ranking, by production and exports quantities, 2011 Producer Exporter Coffee 1 1 Processed beef 1 1 Orange Juice 1 1 White sugar Chicken Tobacco Soybean Beans Corn Source: Food and Agriculture Organisation (FAO) Produced by: Economic Development and Demand for Infrastructure 43

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45 Capital Market Instruments

46 Financial Instruments for Infrastructure Investments How can non-resident investors negotiate debt securities and funds in Brazil? CMN Resolution 2,689 of year 2000, which rules on investments by non-resident investors in the financial and capital markets of investment, provides all necessary information More Info: CMN Resolution 2,689 https://www3.bcb.gov.br/normativo/ detalharnormativo.do?method=deta lharnormativo&n= Capital Market Instruments Brazil does not impose taxes on the international remittance of profits and dividends Produced by: and Brazilian Development Bank (BNDES) 46

47 Financial Instruments for Infrastructure Investments Debêntures de Investimento e Certificados de Recebíveis Imobiliários (CRI) Definition Benefits for non-resident investors* Zero Income Tax Rate (IR) Minimum Requirements Investment Debentures and Real Estate Receivables Certificates Zero Tax on Financial Operations (IOF) Weighted average maturity: over four years. Return: CRI pays interest at a fixed rate or at a floating rate pegged to an inflation index or the Reference Rate (TR). Total or partial use of post-fixed rate of interest are forbidden. No repurchase: by the issuer or related party in the first two years after issuance and early liquidation, except in cases to be regulated by Brazil s National Monetary Council (CMN). Required evidence documents: security should be registered with clearing houses duly authorized by the Central Bank of Brazil or the Brazilian Securities and Exchange Commission (CVM). Simplified procedure: to demonstrate the purpose of allocating resources into the future payment or reimbursement of expenses, costs or liabilities related to investment projects, including those aimed at R&D&I (research, development and innovation). No resale commitment: undertaken by the buyer. Yield payment frequency: if any, it must be at least 180 days apart. * In case of investments from countries which are not subject to a 20% (or higher) income tax rate ( tax havens ), the above mentioned tax benefits do not apply, unless it is related to a wealth fund Capital Market Instruments Produced by: and Brazilian Development Bank (BNDES) 47

48 Financial Instruments for Infrastructure Investments Fundos de Investimento em Direitos Creditórios (FIDC) Definition Investment Fund in Credit Rights Benefits for non- -resident investors* Zero Income Tax Rate (IR) Zero Tax on Financial Operations (IOF) Minimum Requirements Term of duration: minimum of six years. No payment, fully or partially: of principal of the Fund s quotas in the first two years from the closing date of the public offering of the quota distribution that constitute the initial assets of the Fund, except in cases of the Fund s early liquidation mentioned in the Fund s regulation. No acquisition of quotas: by the seller or by the issuer or by any parties related to them, except in case of subordinated quotas for purposes of amortization and withdrawal. Amortization plan of quotas: including those from incorporated yields, if any, must be at least 180 (one hundred and eighty) days apart. Required evidence documents: quotas must be admitted to trading on an organized securities market or registered with a registry system duly authorized by the Central Bank of Brazil or the Brazilian Securities and Exchange Commission (CVM) under their respective jurisdiction. Simplified procedure: to demonstrate the purpose of allocating resources into a transaction of investment projects, including those aimed at R&D&I. Mandatory presence of the following: in the assignment agreement, regulation and prospectus, if any, in a manner to be determined by CVM: Goal of the project or the beneficiary projects; Estimated beginning and end periods or, for ongoing projects, description of the current stage and estimated end period; Estimated volume of financial resources required to carry out the project or not initialized projects or for the completion of ongoing projects; Estimated percentage of funds to be raised with the selling of the credit rights compared to the financial resource requirements of the beneficiary projects. Fund s equity: consists of at least 85% (eighty-five) percent of credit rights and, for the remaining portion, of federal government securities, repurchase agreements backed by government bonds or mutual fund quotas that invest in federal government bonds. * In case of investments from countries which are not subject to a 20% (or higher) income tax rate ( tax havens ), the above mentioned tax benefits do not apply, unless it is related to a wealth fund Produced by: and Brazilian Development Bank (BNDES) Capital Market Instruments 48

49 Financial Instruments for Infrastructure Investments Debêntures de Infraestrutura Definition Infrastructure Debentures Benefits for non- -resident investors* Zero Income Tax Rate (IR) Zero Tax on Financial Operations (IOF) Minimum Requirements Issuance: must be between January 2011 and December Weighted average maturity: over four years. Return: Debentures pay interest at a fixed rate or at a floating rate pegged to an inflation index or the Reference Rate (TR). Total or partial use of post-fixed rate of interest are forbidden. No repurchase: by the issuer or related party in the first two years after issuance and early liquidation, except in cases to be regulated by Brazil s National Monetary Council (CMN). Required evidence documents: security should be registered with clearing houses duly authorized by the Central Bank of Brazil or the Brazilian Securities and Exchange Commission (CVM). Simplified procedure: to demonstrate the purpose of allocating resources into the future payment or reimbursement of expenses, costs or liabilities related to investment projects, including those aimed at R&D&I. No resale commitment: undertaken by the buyer. Yield payment frequency: if any, it must be at least 180 days apart. Projects Approval: Priority investment projects: to be implemented in the infrastructure area, or intensive economic production in research, development, and innovation. Also, according to the Decree n. 7,603 of year 2011, projects should have: Approval Ordinance: issued and approved by the responsible for that sector Focus on deployment, expansion, maintenance, recovery, adaptation or modernization processes in the following sectors: Logistics and transportation Broadcasting Urban mobility Basic sanitation and Energy Irrigation Telecommunications Specific Purpose Companies (SPE): for management and implementation. Issuer: dealer or grantee or authorized contractors or lessee. * In case of investments from countries which are not subject to a 20% (or higher) income tax rate ( tax havens ), the above mentioned tax benefits do not apply, unless it is related to a wealth fund Produced by: and Brazilian Development Bank (BNDES) Capital Market Instruments 49

50 Financial Instruments for Infrastructure Investments Fundos de Debêntures Incentivados Definition Benefits for non-resident investors* Minimum Requirements Brazilian Infrastructure Bonds Investment Funds Zero Income Tax Rate (IR) Zero Tax on Financial Operations (IOF) Concentration in investments: must hold at least 67% (sixty- -seven) percent of the Fund s net worth within the first two years and 85% (eighty-five) percent in the remaining years. Fund of Funds (FIC) investments: must hold at least 95% (ninety-five) percent of FIC net worth in the Infrastructure Bonds Investment Fund s quota. Produced by: and Brazilian Development Bank (BNDES) Capital Market Instruments 50

51 Financial Instruments for Infrastructure Investments More Info (useful links): Law 12,431 of year 2011 CMN Resolution 3,974 of year ccivil_03/_ato /2011/lei/ L12431.htm pdf Law 12,715 of year 2012 Decree 7,632 of year ccivil_03/_ato /2012/lei/ L12715.htm#art71 Brazilian Financial and Capital Markets Association home.aspx Decree 7,632/11 ccivil_03/_ato /2011/ Decreto/D7632.htm Produced by: and Brazilian Development Bank (BNDES) Capital Market Instruments 51

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53 Highways

54 Highway Concessions Belém PA MA Açailãndia TO Parnamirim Recife PE Maceió MT Cuiabá BR-163 MS 7 Sinop Lucas do Rio Verde Campo Grande BR-163 RS 8 Maracaju Anápolis Goiânia GO PR Rio Grande BR-153 BR Estrela D Oeste SP 6 5 Mafra SC Uruaçu BR-060 Palmas Brasília BR-050 BR-040 BR MG Juíz de Fora Rio de Janeiro São Paulo Santos Belo Horizonte BA Feira de Santana Divisa Alegre 1 BR BR-262 Campos ES Além Paraíba BR-101 Vitória Aracaju Salvador 3 Porto Seguro Mucurí BR-116/MG BR-040/MG-GO-DF BR-101/BA BR-262/MG-ES BR-050/GO-MG BR-153/GO-TO BR-163/MT BR-163/MS BR-060/153/262/DF-GO-MG Highways Updated information available at Source: National Logistics & Planning Company (EPL) Produced by: Highways 54

55 Road Concession BR-050: from Cristalina (GO) (BR-040 entry point) to MG/SP border Object Demand Criteria Demand Projection (AADT): Term: 30 years 2014 (54,232), 2019 (62,790), 2024 Criteria: lowest tariff (76,046). Section: BR-050, Entry Point of BR- 040/GO (Cristalina) Border w/ MG/SP Total Length: 426 km Length to be widened: 219 km The project includes widening, maintenance and operation of the highway. Other widening projects are also planned to happen, including the construction of 9 km of side roads. MT MS PR TO BR-153 BR-060 GO Brasília Goiânia Cristalina MG Catalão Uberlândia Uberaba BR-040 SP BR-050 Curitiba Palmas São Paulo BA Connects Brasilia, the state of São Paulo and the South Region of the country, crossing an important agricultural and wholesale retail center - the Minas Gerais triangle. ES Vitória RJ Rio de Janeiro Highway BR-050 GO/MG To be awarded Economic and Financial Modeling CAPEX*: US$ 1.3 billion OPEX: US$ 869 million Financing conditions: Term: 25 years (G race period: 5 years) Rate: TJLP** + 2%a.a. Real leveraged IRR: up to 16% per year, in real terms. Debt to equity ratio: 70% / 30% Equity support: up to 49% of SPE*** or holding s share capital (Institutions: public banks and pension funds) Environmental licensing: Stateowned EPL is in charge of obtaining Previous License (LP) and Installation License (LI) of duplication works Auction Concluded on September 18 th * Without benefits and indirect expenses ** TJLP - Long Term Interest Rate, currently 5% p.a. *** Special Purpose Entity In the first half of September 2013, the average exchange rate was approximately US$ 1 = R$ 2.30 Updated information available at Source: National Logistics & Planning Company (EPL) Produced by: Highways 55

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