Infrastructure Investments In Brazil - Recent Highlights

1. Brazilian economic growth, together with the upcoming sporting events - the 2014 FIFA World Cup and the 2016 Olympic Games -, strongly encouraged the Federal Government to enact a number of measures to boost the infrastructure's development.

2. In order to enhance fund raising mechanisms for long-term financing, special securities providing beneficial tax regimes were created as a result of Federal Law No. 12,431/2011, as recently amended by Federal Law No. 12,715 – signed on September 17, 2012 -, and regulated by Presidential Decree No. 7,603/2011.

3. The securities created by Federal Law No. 12,431/2011 comprise: (i) investment project securities ("GIS"), including certificates of real estate receivables ("CRI"), structured for investment projects ("CRI-Project"); (ii) priority projects bonds (including infrastructure bonds), issued until December 31, 2015 ("IBs"); and (iii) priority projects bonds funds ("IBF") (collectively, the "Long-Term Securities")