Program To Encourage The Fixed Income Market In Brazil

As of June 5, 2015 Brazilian companies have access to a program launched by the Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social - BNDES) that should expand the alternatives for financing long-term projects in Brazil.

The Program to Encourage the Fixed Income Market, developed in partnership with the Brazilian Association of Entities of the Financial and Capital Markets (Associação Brasileira das Entidades dos Mercados Financeiros e de Capitais - ANBIMA) and with the support and participation of the Ministries of Finance and Planning, will allow that large companies (as defined below) that issue debentures linked to investment projects may have access to a larger proportion of the lowest cost credit offered by BNDES, which is the Long-Term Interest Rate (Taxa de Juros de Longo Prazo –TJLP).