FINANCE & ADMINISTRATIVE

Sponsor:

DEAL WITH BANKS AND FINANCING INBRAZIL

4TH EDITION

American Chamber of Commerce for Brazil - AMCHAMInternational Affairs Department

Brazil, 2013/2014

*Este guia faz parte do projeto

ACKNOWLEDGMENTS

Operating since 1982 in the security and surveillance segment, GRABER has been expanding its participation in the sectors of surveillance, personal security, specialized services, electronic security projects, and cargo and vehicle tracking. The company is a pioneer in the provision of integrated security services in Brazil and the first Latin American company to be granted the ISO 9001 Certification. Now holds the ISO 14001 and OHSAS 18001, minimizing environmental impact and meeting all the legal requirements of quality, health, workplace safety and environment. It was also the first to introduce the e-learning concept, to offer a 24-hour assistance service for expatriates, and to create a Corporate University to train and provide specialization courses for its over 15,000 employees. We have been partnering with AMCHAM since the beginning of the “How To Series” because we believe, not only in this project, but also in the professionalism with which the information is provided to international companies. Being able to contribute in such a simple and objective way is a great pleasure to our company.

The American Chamber of Commerce for Brazil, being the largest Amcham outside the United States is constantly serving its members by building bridges for Brazilian businessses worldwide. Our foreign investment attraction efforts have also been a key leading point for Amcham. The How to Series is part of this initiative. With the support of some of our corporate members we are putting together strategic information on the most various aspects of doing business in Brazil. As part of BRICS (Brazil, Russia, India, China and South Africa) and representing the 7th largest economy of the world, Brazil has clearly demonstrated its importance in the global market. The country’s business environment as well as foreign investment numbers, despite international crisis, continues very positive. Medium and high classes are increasing, which creates a solid internal market and contributes to maintain good results in the economy. The 2014 FIFA World Cup has been esimated in US$ 56.8 billions and the 2016 Olympics in US$ 19.3 billions in investments. These events have had an impact on direct investments in Brazil and in infrastructure projects needed to hold them in the country. It is now more than ever a strategic time for businesses opportunities in Brazil. We welcome you and hope that the information you are about to read serves you best.

The “How to Do Business and Invest in Brazil” initiative, conducted by the American Chamber of Commerce is a key instrument to disseminate information about the country’s business environment, one of the markets that has most attracted attention of investors in recent years. With operations that span over 30 years, Santander Brasil also has an optimistic view of the country. We strongly believe in Brazil’s potential for growth due to the country’s combination of a robust domestic market, a dynamic business environment and stable institutions. For these reasons, Santander Brasil (which current boasts a 24% contribution to Santander’s profits worldwide), will remain as a key player in the Group’s strategy.

Jesús Zabalza - CEO, Santander Brasil

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Disclaimer: This document is for information purposes. Any decisions to contract products herein should be based solely on the customer’s analysis. No assumption, projection or example contained herein should be deemed to guarantee future events and/or performance. This document does not constitute any binding obligation on banks.

CoNTENT01 GENERAL VIEW 06

02 BANK ACCoUNTS 09

03 FoREIGN EXCHANGE (FX) 11

04 HEDGING 15

05 MAIN FINANCING PRoDUCTS 19

06 BANK GUARANTEES 36

07 INTERNATIoNAL GUARANTEES 38

08 INVESTMENTS 39

09 ABoUT oUR SPoNSoR 41

5.4%

13.4%

55.4%

9.6%

Northeast

North

Middle-West

South-East

South16.2%

The changes on the demographics pyramid played an important role, as Brazil is now passing through a window of opportunity called demographic bonus. This bonus occurs when the number of citizens in working age is higher than the number of people who depend on them (children and elders). Also more than 8 million jobs have been created in Brazil since 2003 and average unemployment rate has dropped down from 12.3% (2003)

Brazil is the 7th largest economy in the world, with a vibrant business environment and a huge consumer market size. In the last 20 years, Brazil was able to overcome high inflation rates, stabilize economy, balance external debt and create a good framework for development. In this positive environment, Brazil was able to improve its income distribution and, summed with a better balance in the demographics pyramid, low unemployment rates and advances on the credit market, brought more than 36 million additional people to the consumer market. This tendency is expected to keep on in the forthcoming years, giving a boost to the social condition.

199.8 Mi2.2 trln USD

10,957 USD

(EST.2013)

2.79

01.GENERAL VIEW

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Source: IBGE, FGV e LCA Assembly: Ministry of Finance

POPULATION OF BRAZILTrend of Social Mobility

*in Millions of people

Regions: Participation in total GDP (%)

improve the investment environment and cut down taxes to stimulate some sectors.

The total amount of investment in infrastructure from 2011-2016 is estimated in 1 Trillion BRL (around 0.5 Trillion US$) according to the distribution below:

PAC

Source: Ministry of Development, Industry and Foreign Trade (MDIC), Brazil World Cup Official Website and Santander estimative.

CREDIT MARKET

The positive social economic environment was followed by an expansion on the Brazilian credit market. From 2005, growth in income has been matched by more credit in the financial system. Total outstanding credit almost doubled since then, reaching 55.5% of GDP (BRL2.2 Trillion, Exp. 2013), and there is still room for improvement if we compare it to global standards.

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to 5.4% (2013), being the last three years considered under a full employment condition by specialists (6%). This means that the majority of the population is indeed working and creating wealth.

Source: IBGE

This social phenomenon, added to the increase in the credit market, multiplied the power of purchase of Brazilian families, boosting consume and supporting the growth and development of local and international companies in the country. This new dynamics brought the need for investment in almost all segments and mainly in infrastructure.

Launched in 2007 by the Brazilian government, the Program for the Acceleration of Growth (PAC) is the umbrella program for thousands of infrastructural projects around the country, such as building and repairing highways, airports and ports, energy development, housing, water and sewage systems, many of which aim to improve the situation of disadvantaged members of Brazilian society. The program also consists of measures to boost low interest rate credit,

Brazil - Total Credit as % of GDP

Source: Brazilian Central Bank (BACEN).

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This growth did not come just because there were new people accessing the credit market but also because, as market evolved, the tenors became longer and the credit cost lower. With this combination, there was an increase in the purchasing power of the Brazilian consumer market without pressuring household debt service.

Considering all this local elements inserted in a global context of economic and financial crisis, Brazil turns out to be a very attractive and potential market for international companies searching for sustainable growth, geographic diversification and better returns.

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Source: Central Bank of Brazil

Disposable Income (%)

02.BANK ACCoUNTS

Brazil has a well regulated financial market, with a strong autonomous Central Bank and a set of specific regulations that must be followed. Once the regulations are followed, any company, be it local or international, shouldn´t have any problems on operating in the country and repatriating dividends.

When it comes to bank accounts, the basic points that an international company needs to know are:

• Demand and Deposit accounts are opened for companies legally established in Brazil, with local resident representation (at least one local administrator);

• Accounts are only allowed in local currency (Brazilian Real, represented by R$). Banks are not allowed to deal with multi-currency accounts;

• Neither netting nor interest compensation cash pooling are allowed (for more information on cash management, please consult publication “How to do cash management in Brazil”);

• Although regulated by law, banks in Brazil do not usually provide non-resident accounts.

DoCUMENTATIoN

The standard documentation commonly required for opening an account is:

1. Local Company – social contract including

the CNPJ Number (local fiscal number)

approved by the local state commercial organ,

called Junta Comercial;

2. Parent Company – Social contract translated to

Portuguese and notarized1;

3. Local Administrator – Copy of personal documents:

local ID, CPF number and proof of address in Brazil

(electricity bill, phone bill or similar);

4. Bank Forms fulfilled signed by the

local administrator.

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L1 i) Document already required by the Junta Comercial approval, the bank will only need a copy of the documentation already presented for obtaining the document in 1. ii) If there are foreign individuals as shareholders of the local company: copy of international personal documents.

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KNoW yoUR CUSToMER PRoCEDURES:

As part of Money Laundry avoidance, Brazilian banks

are subjected to Compliance policies, and it is common to ask for the diagram of shareholders composition until getting to an individual or an open/listed company (when participation on the local company is relevant).

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03.FoREIGN EXCHANGE (FX)

All financial operations inside the country must be done in Brazilian Reais, so all payments, collections, contracts, receivables, etc. must be done in local currency. For an international company willing to operate in the country, this means that the subsidiary is going to operate in a currency different from the one used by the parent company. This also means that a currency exchange operation will be needed in all capital transfers between subsidiary and parent company, be it sending or repatriating money.

HoW IT WoRKS:

• When sending money into Brazil (inflow), it will arrive at your subsidiary bank account in foreign currency (US$, EUR, etc.) and while it stays in this currency, no local financial operation is allowed. Once the company orders the currency exchange transaction and the money is converted to Reais, local transactions can be done;

• When remitting capitals into Brazil (inflow) the proper registration in the Brazilian Central Bank FX System is mandatory;

• Foreign currencies exchange operations must be done through Institutions authorized by Central Bank to operate in the FX Market;

• Currency exchange operations must be formalized through forms called FX contract;

• FX contracts must be signed between local client and local FX agent;

• FX operations must be followed by specific documentation that proves and matches the transaction value;

• There are specific taxes involved, depending on the nature of the operation. Values may vary from time to time. A legal tax advisor is strongly recommended.

INFLoW AND oUTFLoW oF CAPITAL:

There are not capital repatriation barriers or limits in Brazil, as long as the capital entered the country with the proper registration beforehand. Capital

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Inflow nature will determine primarily the way it will be repatriated in the future. The two most common natures are described in the following.

CAPITAL INjECTIoN:

If inflow purpose is to inject capital in a local vehicle in Brazil it should be treated, registered and documented as Capital Injection. The values should have the specific registration on Central Bank and must be reflected in the social contract of the local vehicle. In the future those values should be repatriated as dividends. Operational flow and taxation involved:

Capital Injection – Comprehensive Step by Step Process:

Step 1: Registration of the Foreign Entity at the Cademp (Cadastro de Empresas Área Designada).

Step 2: Registration of the RDE – Electronic Declaratory Registration at the Sisbacen (Brazilian Central Bank system).

• Foreign Direct Investment: IED

• Documentation: IED approved by the Central Bank and power of attorney to register the IED on behalf of the Brazilian company.

• Tax: IOF of 0.38% over the notional in BRL.

Step 3: Foreign Exchange Flow:

a) The Foreign entity delivers the amount in US$ in a correspondent bank abroad agreed with the bank in Brazil, on the settlement date.

b) Bank in Brazil delivers the equivalent amount in BRL, at the agreed exchange rate, on the Brazilian Entity’s onshore account, on the settlement date.

The future outflow would be done as dividends or Interests on Equity Reserve. Dividends are not taxable at local level (as long as you are not operating from a “tax heaven” in which case they would be taxed at 15%) and Interests on

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BRL

Offshore

Local Bank

USD, EUR,etc

Parent Company

Brazilian Entity

b

a

Payment instructions to Brazil in Dollars (USD) Data Involved: Swift (BIC CODE) of Correspondent Bank, Clearing Code, Account Number, Beneficiary Bank Swift (BICCODE), Company Beneficiary Name:

Equity Reserve are taxable from 10% to 25% over the notional in BRL, depending on where the beneficiary lies.

Outflow Registration:

• Documentation: IED approved by the Central Bank and power of attorney to register the IED on behalf of the Brazilian company.

• Copy of Minute of deliberation Registered in the Junta Comercial and the last Balance of the company.

Foreign Exchange Flow:

• Brazilian entity delivers the equivalent amount in BRL, at the agreed exchange rate, to the bank in Brazil.

• Bank in Brazil delivers the amount in US$, on an offshore account of the client’s entity, on the settlement date.

INTERCoMPANy LoAN:

If inflow purpose is to lend money from the parent company or another offshore vehicle to a local vehicle in Brazil, it should be treated, registered and documented as Intercompany Loan. The values should have the specific registration on Central Bank and must be

documented in a loan contract, stating the loan tenor, interests and payments. In the future those values should be repatriated as loan payments (principal and interests). Bellow we describe the operational flow and taxation involved:

Intercompany Loan– Comprehensive Step by Step Process

Step 1: Registration of the Foreign Entity at the Cademp (Cadastro de Empresas Área Designada).

Step 2: Registration of the ROF – Financial Operation Register at the Sisbacen (Brazilian Central Bank system).

Step 3: Foreign Exchange Flow: same as Capital Injection.

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BRL

Offshore

Local Bank

USD, EUR,etc

Parent Company

Brazilian Entity

b

a

Payment instructions to Brazil in Dollars (USD) Data Involved: Swift (BIC CODE) of Correspondent Bank, Clearing Code, Account Number, Beneficiary Bank Swift (BICCODE), Company Beneficiary Name:

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Some documents are necessary to obtain an intercompany loan, as copy of the loan agreement, form with terms & conditions of the loan signed by the Brazilian company and power of attorney to register the ROF on behalf of the Brazilian company.

About taxes, 0% of IOF will be applied over notional in BRL for loans with duration longer than 360 days2 and 6.00% over notional in BRL

for loans with duration shorter or equal than 360 days. If a company decides to prepay a contract at any point in time, changing duration previously settled to a period inferior than 360 days2, a 6% IOF will be charged over the whole notional at the moment of prepayment.

The future outflow should be done as loan payments (principal and interests). Interests are taxable at local level from 15% to 25% depending on where the beneficiary lies.

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2 3 According to Decree 7853/2012 of Dec/05/12. Please consult banks to verify legislation in force.

Summary Table – Tax Incurrence on Foreign Exchange Operations3.

04.HEDGING

There are many financial instruments for protecting a company´s asset, investment or liability against currency risk. Considering that Brazil has a free float exchange rate regime and also that innumerous variables can affect its value, it is important that international companies consider having a hedging strategy.

There are many financial instruments for hedging like options, forwards, swaps and other structured derivatives. By analyzing the flow of resources and company operations, a bank will be able to advise you on the best alternatives for each case.

On the following topics, two hedging products commonly used are detailed.

NoN DELIVERABLE FoRWARD (NDF)

Target Market:Companies with assets, investments or liabilities indexed to foreign currencies which are seeking protection against an appreciation/depreciation by such currencies against the Real.

Description:The non-deliverable forward (NDF) entails purchasing or selling a given amount of currency at a predetermined rate. There is no physical payment, i.e. the settlement is made by the difference between the contracted Forward Rate and the reference price quotation adopted for the expiration of the operation (usually the Ptax exchange rate for the US dollar). Thus, if the quotation at expiration is greater than the Forward Rate, the purchaser of the currency receives the payoff from the seller. If it is less, the seller receives the payoff from the purchaser.

Benefits:No cash outlay at the inception of the transaction.

No daily payoffs, as would be the case with BM&F (Brazilian Mercantile & Futures Exchange) futures contracts.

Same standard as used by the international market (Non-Delivery Forward).

Terms:There are no minimum amounts or terms imposed

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EXAMPLE

A company which imports raw materials from the U.S. to be paid on credit has a liability in dollars on its books. In order not to run the risk of gains made by the US dollar against the Brazilian real, the company could contract a Currency Agreement with a bank, supposing the company buys an amount of US Dollars of 1,000,000 (Base amount) at a rate of R$/US$ 1.72 (Future Rate) to be settled in 180 days at the PTAX exchange rate.

On the expiration date, supposing the Ptax rate is R$/US$ 1.75, the payoff amount for the company would be calculated as the following:

US$ 1,000,000.00 (1.75-1.72) = R$ 30,000.00.

Since the quotation adopted as a reference is greater than the contracted rate, the customer shall receive the difference between these rates. The example below sets forth the payoff amounts under different values of the dollar:

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on the operations. The terms are freely agreed by the parties. Currencies other than the US$ can be traded, including: Euro (EUR), Yen (JPY), Sterling (GBP) amongst other (but for the maximum term of one year, in these cases). The reference quotation at expiration can be: PTAX (Official rate published by the Central Bank of Brazil) and Currency Feeder (Ex: Reuters). It is not possible to perform forward transactions for this product.

Regulations: The transactions are governed by Resolutions Nº 2873 and Nº 3505 issued by the CMN (National Monetary Committee) and registered at CETIP (Central Securities Depositary). The Currency Agreements are executed by: Signing a master agreement which sets forth the general terms and conditions of the transaction, and signing a Trading Bill for each operation performed, reflecting the specific conditions of the deal engaged.

Taxes Applicable:Income Tax of 15% over positive results received by the company. Additionally, there will be a complementary Income Tax withheld at source of 0.005% over positive results received by the company4. For currency selling positions over US$ 10 million, incurrence of 1% IOF over the exceeding value, to be collected by the company. There are legal tax exemptions for exporters, please consult a tax advisor for rule detail and calculation.

4 There will be no retention at source if the sum of the adjustments received from the same counterpart during the same month is below R$ 20,000.00.

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FX DELIVERABLE FoRWARD

Target Market:Companies with receivables due in the future in foreign currency that want to protect themselves from any unfavorable exchange rate variation.

Description:Foreign exchange transactions with future delivery of both foreign and Brazilian currency. Exchange rate is determined upon the closing of the foreign exchange transaction (T+0),

but the foreign currency and Reais are deliverable on a future date (T+n).

Benefits:A hedge option for receivables in foreign currencies. 100% Market Risk free on the settlement day. Eliminates the risk of mismatch between the PTAX used to settle the swap and the exchange rate used to transfer the funds (the risk-base). Potential “premium” depends on the market conditions at the time of closing. FX Deliverable Forward transactions are executed by the standard exchange contract itself. All terms and conditions agreed by the customer and the Bank are established within the FX contract agreement. Supporting documentation must be presented until settlement.

Regulations:This transaction is regulated by the Brazilian Central Bank and other complementary norms published by other authorized entities.

Tenor of transactions can be up to 360 days from the closing date.

The settlement of the transaction may be anticipated as long as it is recorded within the presented documents. Taxes Applicable:Withholding Tax – applied on the possible premium (income), according to transaction’s term (regressive

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A short position in a NDF would therefore be as follows:

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rate) of Law 11033/2004 (22.5% – transactions up to 180 days and 20% – transactions with term between 181 and 360 days).

IOF: According to Summary Table – Tax Incurrence on Foreign Exchange Operations (Please see on chapter 3 - Foreign Exchange).

EXAMPLE

Below is an example of a receivable to be settled at a future date.

• Amount: US$ 1,000,000.00;

• Closing date of the Deliverable Forward transaction: Jan/05/2012;

• Spot Exchange rate at Jan/05: 1.8500;

• Settlement date for the Brazilian currency: May/04/2012;

• Exchange rate for future settlement: 1.86;

• Maturity of the obligation abroad: May/03/2012.

Jan/05/2012 May/03/2012

May/04/2012Closing of the FXDeliverable Forward

Foreign Currency Payment(US$ 1,000,000.00)

Brazilian Currency Payment(R$ 1,860,000.00)

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05.MAIN FINANCING PRoDUCTS

WoRKING CAPITAL

Target Customer:Companies in general with predictable cash flows which require short-term or medium-term funding to support their working capital needs.

Description:Local currency loan for a given term, intended to support short or medium-term funding needs.

Benefits: Amortization according to the schedule chosen by the Customer in order to be most suitable to its cash flow.

Disbursement either immediately or at a scheduled date in the future.

Customer does not need to evidence the resources destination.

Contract length may be adapted to the customer necessity.

Terms:Amount: Established in the Credit Loan Agreement,

according to the credit limit. Rates: Fixed or Floating (CDI, TR, IGP-M)5;

Minimum Terms: Fixed/Floating rates: one day; Reference Rate (TR): two months; IGP-M (general prices index: one year); Payment schedule: in installments or at the maturity date.

Documentation:Loan Agreement: An agreement which formally establishes the amount, term, and other conditions of the loan.

Promissory Note: An instrument of credit which represents the Customer’s Obligation.

Agreement of Collateral: Instrument which formally establishes the collateral rendered by the Company, when applicable. Taxes:IOF (financial transaction tax): 0.0041% per day (consecutive days) over the principal amount, limited to 365 days; Plus 0.38% over the principal amount.

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L5 Subjected to bank approval.

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oVERDRAFT ACCoUNT

Target Customer:Companies with non-predictable cash flows, which require short or medium-term funding to support their working capital needs, or which do not wish to prematurely withdraw funds that have been invested.

Description:Revolving line of credit whereby the awarded credit limit can be fully or partially used and outstanding balances can be settled at any time during the agreement’s term. The established credit line shall always be linked to an unblocked current account.

Benefits:Speedy and manageable. Funding available at any time. Interest and IOF (Financial Transaction Tax) over the daily outstanding balance used.

Terms:Term: At least 30 days.

Maximum: To be established according to the credit limit, limited to 6 months.

Rates Fixed or floating (CDI)6.

Interest Payment: monthly (on the first working day of the month) or at the maturity date.

Types: a) Regular: any withdrawal or repayment must be requested; b) Deposit: previous requests are not necessary.

Documentation:Revolving Credit Agreement: An agreement which formally establishes the amount, term and other conditions of the overdraft account.

Promissory Note: An instrument of credit which represents the Customer’s Obligation.

Agreement of Collateral: Instrument which formally establishes the collateral rendered by the Company, when applicable.

Taxes:IOF (Financial Transaction Tax): 0.0041% to be paid on the sum of the daily outstanding balances for the month, charged on the first working day of the following month; 0.38% to be paid on the sum of the total amount after each day increase, on the first working day of the following month.

SUPPLy CHAIN FINANCING

CREDIT ASSIGNMENT WITH RECoURSE

Target Customer:Industrial and commercial companies, interested in a working capital transaction and improving balance sheet ratios.

6 Subjected to bank approval.

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Description:Assets transference deal, qualified generically as accounts receivables (credits). These credits must be represented by credit securities (Trade note receivables, promissory notes, others) and must be already performed.

Characteristics:The credits negotiated may be from commercial activity of the company or operations described by their activity roll.The credits may be represented by credit securities (trade notes payable or promissory notes) or via contract formalized and may be performed.

The credits may have no legal impediment (allowing the assignment to the bank).

Bank’s Customer (Assignor) is the credit risk for this transaction (since it is the guarantor of all Payers’ indebtedness).

Benefits:Possibility to concede better duration conditions, negotiated with the bank.

Interest rate negotiated with the bank for the transaction may be different than interest rate negotiated with the Payers for the credit sale, keeping a different sales strategy control.

Possibility to improve balance sheet ratios, depending on the accountancy rules used by the companies: i) this

operation may be not accounted as a bank loan; ii) accounts receivable may suffer reduction and increase cash/bank deposits.

Negotiation Details:Acquisition Value: Price paid for the credits acquisition, considering the interest rate and the term negotiated for the transaction.

Minimum and maximum value: There are no restrictions being the maximum value established by the credit limit approved for the Payers.

Operations Terms: No minimum term. According to the credit limit approval.

Disbursement: via TED (Eletronic Transfer) or credit in current account.

Repayment: Directly by the Payers to the bank, through settlement of payment slip order, TED or debit in current account, under the Payer authorization.

Documentation:Credit Assignment Contract: Formalizing the credit assignment, the responsibility of the customer for the credits existence and for the Payers’ indebtedness. Notification: The document is delivered to the Payers, communicating the cession and supplying payment

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roll instructions.

Notes:Floating indexed credits must be approved by the Bank.

Taxes:IOF: no incidence.

EXAMPLE

1) Customer/Assignor practices credit sales with its clients (sales strategy);

2) Customer/Assignor assigns its receivables (credits against its clients/Payers) to the bank with non-recourse (by signing a Credit Assignment Agreement with no recourse);

3) a) Customer/Assignor notifies clients/Payers regarding

the assignment transaction;

b) Customer/Assignor´s clients/ Payers sign a notification letter agreeing to pay the bank directly as their new creditor;

c) Bank makes the assignment payment to Customer/Assignor;

4) Payers effect the payment (in the maturity date) directly to the bank;

5) In case of indebtedness, the Assignor effects the payment to the bank as the Payer´s guarantor.

CREDIT ASSIGNMENT WITH No RECoURSE

Target Customer:Industrial and commercial companies, interested in

Bank Payers

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a working capital transaction and improving balance sheet ratios.

Description:Assets transference deal, qualified generically as accounts receivables (credits). These credits must be represented by credit securities (Trade note receivables, promissory notes, others) and must be already performed.

Characteristics:The credits negotiated may be from commercial activity of the company or operations described by their activity roll.

May be represented by credit securities (trade notes payable or promissory notes) or via contract formalized and must be already performed.

May have no legal impediment (allowing the assignment to the bank).

Bank will check the availability of credit limit to each Payer indicated by its Customer.

Benefits:Possibility to concede better duration conditions, negotiated with the bank.

The Credit risk is transferred to the bank.

Interest rate negotiated with the bank for the transaction

may be different than interest rate negotiated with the Payers for the credit sale, keeping a different sales strategy control.

Possibility to improve balance sheet ratios, depending on the accountancy rules used by the companies: i) this operation may be not accounted as a bank loan; ii) accounts receivable may suffer reduction and increase cash/bank deposits.

Regulation:Credit Assignment Contract: The contract that formalizes the cession and responsibility of the customer for the credits existence.

Notification: The document is delivered to the Payers, communicating the cession and supplying payment roll instructions.

Negotiation Details:Acquisition Value: Price paid for the credits acquisition, considering the interest rate and the term negotiated for the transaction.

Minimum and maximum value: There are no restrictions, being the maximum value established by the credit limit approved for the Payers.

Operations Terms: No minimum term. According to the credit limit approval.

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4. Payment

3. a. Payment

3. c. Payment

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Disbursement: via TED (Electronic Transfer) or credit in current account.

Repayment: Directly by the Payers to the bank, through settlement of payment slip order, TED or debit in current account, under the Payer authorization.

Notes:Floating indexed credits must be approved by the Bank.

Taxes:IOF: no incidence.

EXAMPLE

1) Customer/assignor practices credit sales with it clients (sale strategy).

2) Customer/assignor assigns its receivables (credits against its clients/Payers) to the bank by signing a “Credit Assignment Agreement with no recourse”.

3) a) Customer/Assignor notifies clients/Payers regarding the assignment transaction;

b) Customer/Assignor´s clients/Payers sign a notification letter agreeing in paying the bank directly as their new creditor;

c) The bank makes the assignment payment to customer/assignor.

4) Payers effect the payment (in the maturity date) directly to the bank.

5) In case of indebtedness, the assignor effects the payment to the bank as the payer´s guarantor.

CoNFIRMING

Confirming is an administrative and financial service through which the bank intermediates the payment process to suppliers, without any modifications of the terms agreed between CLIENT and its suppliers. It is a type of credit assignment with no recourse operation.

Target Customer:Companies with an interest in financing their supply chain and improve their balance sheet through the extension of payments terms with suppliers benefiting from Confirming advantages.

Product Description:A Supply Chain Finance Service through which the

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bank intermediates in the payment process to suppliers, without any modification of the terms agreed between PURCHASER and its suppliers.

Benefits:PURCHASERPurchasers are better positioned to negotiate lower cost of goods or extended payment terms, helping improve company’s working capital and cash flows.

Purchaser gets fewer supplier queries about invoice status, while providing valuable information and support through the bank’s platform and services.

Costs control and cost reduction.

Easier administration and reconciliation, as bank manages payments to suppliers.

Easy implementation through flexible integration with purchaser’s ERP.

SUPPLIER Early payment of invoices at a competitive discount, with no IOF, as the operation is priced at the buyers credit risk.

Easy access to finance without presenting financial statements to banks and a lower conventional bank borrowing.

Suppliers get access to invoice status through web

platform, confirming desk and contact center, improving the visibility and control of their accounts receivables and collection processes.

No need to be an account holder of bank doing the confirming operation.

Improves company’s working capital and cash flow.

Negociation Parameters:Contract Volume: Established according to the buyers credit line.

Transaction Deadline: 15 Day minimum & 360 Day Max.

Min volume/operation: R$ 1,000.00.

Interest rates: Pre-negotiated.

Payment Method: Electronic transfer to the suppliers bank account.

Operational Method: File Exchange.

Sales channel (Supplier): Operation Desk, Call Center e Internet.

Formalization:BUyERConfirming Contract: Formalization of the confirming

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contract. Credit line approval .

SUPPLIERAccount Holder: Signature card authenticated.

Non Account Holder: Company’s Social Contract and modifications or Social Statute and Minutes of director’s election (original or authenticated copy), Attorney empowered (original or authenticated copy), Application Form – Confirming, Signature Card (authenticated), CPF, RG and company address confirmation document (original or authenticated).

Interest Rates:IOF: Not charged.

VENDoR

Target Customer:Industrial and commercial companies interested in provide

financing to their clients, in order to improve sales.

Description:Sales financing program for goods and services. The bank pays the seller on a cash basis and the purchasers pay the bank at the maturity date or in installments. The seller is the purchasers’ guarantor under this program.

Benefits:SELLERLiquidity: The seller receives the sale amount on a cash basis.

Possibility to Raise Sales: The seller’s products become more attractive and more competitive in terms of price due to the Purchaser, in terms of financing and interest rates.

Better Accounting Performance: The seller (according to the internal accounting procedures) may record the sales as “Cash Basis”, thereby reducing the item “Accounts Receivable”.

Taxes Benefits: Reduced tax cost (IPI, ICMS, among others), since the seller receives on a cash basis and the seller’s invoice does not incorporate the financial cost.

Reduced Cost of funding: The seller no longer provides credit to customers using its own funds.

Interest Rate Adjustment: The seller can maintain different price strategies for its customers (purchasers).

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Electronic Vendor: Reduced operational costs due to the Electronic Data Interchange (EDI) of financing terms. (Remittance/Reply).

PURCHASERBetter Financing Conditions, such as terms, interest rates and payment plans, resulting from the credit extended by the seller to its customers.

Credit Facility to the purchasers, since the Vendor Master Agreement between the bank and the seller (in which the seller undertakes the responsibility to analyze and guarantee the credit risk of each purchaser) when signed, allows the seller to contract, during the settled term, transactions (as its Solicitor) for the Purchaser.

Flexibility on the payments flow.

Terms:Minimum Transaction Amount: There is no minimum amount, however there are processing, printing and postage payment slip costs which shall be evaluated on a case-by-case basis.

Transaction Term: Minimum seven days (to allow the payment slip to be sent) and maximum term according to the credit line.

Interest Rate Adjustment: It is the difference between the interest rate charged by the seller from its customers and

the interest rate charged by the bank from the seller. It is paid by the bank to the seller or by the seller to the bank (according to the seller’s sales strategy) at disbursement or maturity date.

Rates/Indexes: fixed in BRL.

Guarantee: A guarantee, rendered by the seller to the bank, which covers any default by the purchasers.

Term for Honoring the Guarantee: 30 days at most, to be agreed by the seller and the bank.

Disbursement: Deposit in the seller’s current account.

IOF (Financial Transaction Tax): Paid by the seller or by the purchasers.

Payment Plans: Bullet payment or in installments.

Repayment Types: Payment slip or debit in the seller´s current account.

Deduction/Discount: Permitted when requested up to seven days prior the mature date. The deduction/discount amount shall be debited from the seller’s current account.

Subrogation Assignment: Issued when requested by the seller.

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Performed by: Electronic transmission or manual sending of the information on each financing.

Regulation:Vendor programs are subject to the rules established by the National Monetary Council (CMN) and the Central Bank, covering loans and financing in general.

The flow is agreed with the bank and seller.

The contract is signed between the bank/seller and the purchaser.

Documentation:Master Agreement: signed by seller and the bank (in order to indicate the purchasers to be financed and to settle all guarantees conditions).

Financing Contract: signed by seller, the bank, and the purchaser (in order to formalize the financing to be and to nominate the seller as Purchaser’s Solicitor – allowing the seller to negotiate the financing conditions with the bank directly).

Deal Slip: signed by seller (as Purchaser’s Solicitor) and the bank to contract all deal conditions (Purchaser Data, tax, term, IOF payment, etc.).

Taxes:IOF (financial transaction tax): Over the principal amount.

Paid by seller at the disbursement date: 0.0041% per day (consecutive days), limited to 1.5% and 365 days; 0.38% over the principal amount, independently of contract length and payments flow.

NOTE: The tax is owed by the purchaser, however, it can be paid: (i) by the Purchaser (by increasing the financing principal amount); (ii) by the seller (by deducting the owned amount from the principal to be disbursed).

EXAMPLE

1) The SELLER and the BANK execute a Financing Agreement and Promissory Note, establishing the general terms and conditions, guarantees, term and financing limit.

2) The SELLER, the BANK and the PURCHASER execute

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a Financing agreement. The Agreement may be signed by the SELLER by proxy. Both the Financing Agreement and Financing Spreadsheets are deposited with the SELLER.

3) The SELLER issues Invoices on a cash basis to its PURCHASERS.

4) The BANK pays the SELLER in cash according to the Financing Spreadsheet and/or electronic file.

5) The BANK issues a payment slip to the PURCHASERS to settle the credit.

6) If the PURCHASER does not pay the financing on the due date, the BANK debits the credit amount plus the previously established charges from the SELLER’s current account.

IMPoRT FINANCING

Target Market:Companies in Brazil that are importing goods.

Description:Financing to Brazilian importers of goods in foreign currency whereby the international supplier receives the payment on an agreed date. This allows the importer a longer period to settle its obligations and increases cash flow flexibility. The loan is granted by a foreign bank directly to the Brazilian importer.

Benefits:The supplier receives the payment on the due date and the importer has a longer period to pay his debt.

More competitive interest rates versus the domestic market.

Parameters for Negotiation:All operations will be subject to credit analysis by the bank.

Amounts are limited to 100% of the price of the goods to be imported.

Terms and conditions for operations will be freely agreed between the parties, subject to official import documentation and the foreign exchange regulations in force.

Key indexers for the operations: Interest rates prevailing in the international market (LIBOR, EURIBOR, PRIME, etc.).

Regulation:The operations are regulated by the International Capital and Foreign Exchange Market Regulation and other standards issued by the Brazilian Central Bank and other agencies.

Operations are entered into by executing an agreement setting out general conditions.

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Foreign Bank

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FINIMP - Import Financing(Direct Line - Firce 25)

Taxation:Income tax: Levied on revenues wired to a foreign country. Depending on the type of income it may be either exempt from taxation or it may be taxable at the rates of 12.5%, 15%, and 25%, varying according to the nature of the transfer, the relevant creditor’s country and any covenants in place in order to avoid double taxation. IOF: 0%.

1) Trade Agreement;

2) Shipping and document remittance;

3) Securing of ROF;

4) Delivery of shipment documents (exchange guarantee);

5) Import Financing Agreement;

6) Foreign Currency Funding;

7) Resource Disbursement;

8) Foreign Exchange Purchase (at maturity);

9) Payment Foreign Currency Debt Settlement;

10) Payment funding.

EXPoRT FINANCING

ADVANCES oN EXCHANGE CoNTRACTS – ACC

Target Market:Brazilian companies that perform export operations.

Description:This type of financing is given to Brazilian exporters in the pre-shipping phase in connection with goods and services to be exported. It may consist in a total or partial financing (versus the export contract price) and will be the equivalent

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in local currency to the amount of the foreign currency operation on the exchange contract date.

The goal is to help exporters obtain the funds they need to purchase raw materials and to produce goods for export purposes.

Benefits:Financing to the production of goods at lower costs than those prevailing in the domestic market.

Parameters for Negotiation:Amounts are limited to 100% of the price of the goods/services to be exported.

Operation term is limited to 360 days.

Terms and conditions for operations will be freely agreed between the parties, subject to foreign exchange regulations in force.

Key indexers for the operations: Interest rates prevailing in the international market (LIBOR, EURIBOR, PRIME, etc.).

All operations will be subject to credit analysis.

EXPoRT CREDIT NoTE – NCE

Target Customer:Companies exporting goods and services and its suppliers

which intend to obtain credit in local currency.

Description:Local currency financing to supply short-term or medium-term working capital needs or to acquire goods, services and raw materials to be used in production. The funds must be invested in export-related activities.

Benefits:Export financing without exposure to exchange rate variation.

Exempt from the IOF tax (Financial Transaction Tax) in accordance with Law 6313 of December 16, 1975.

Funds can be directly transferred to suppliers by the bank.

Repayment according to the plan chosen by the Company in order to be the most suitable to its cash flow.

There is no legal obligation to link the export financing funds to one or more shipping documents of goods and services for export.

Documentation:Export Credit Note: An instrument of credit which formally establishes the amount, term and other conditions of the transaction.

Budget: This is an integral part of the Export Credit Note and provides a description of how the funds will be used.

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Bank

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It is a legal obligation for establishing a NCE.

Terms:Currency: BRL (Brazilian Reais)7.

Amount: To be established according to the credit limit and budget.

Minimum term: 30 days.

Maximum term: negotiated by the exporter and the bank, according to the credit limit available, budget and general market conditions.

Rates: Fixed or floating (CDI).

Payment schedule: In installments or at the maturity date.

Taxes:IOF (Financial Transaction Tax): Exempt in accordance with Law 6313 of December 16, 1975.

1) The Customer submits the “Exporter Classification” form to the BANK, detailing the use of the funds. Such document shall be subject to analysis and approval by the BANK.

2) The BANK issues and forwards the Export Credit Note and Budget to the CUSTOMER to be signed.

3) a) The BANK credits the CUSTOMER’s current account, or. b) The BANK pays the CUSTOMER’s SUPPLIERS for the acquisition of goods, services and materials intended for export (Compror – NCE).

4) The CUSTOMER settles the loan.

Other indexes may be submmited to the bank’s approval.

BNDES

The Brazilian Development Bank (BNDES) is the main financing agent for development in Brazil and has played a fundamental role in stimulating the expansion of industry and infrastructure in the country. The Bank offers several financial support mechanisms to Brazilian companies of all sizes as well as public administration entities, enabling investments in all economic sectors. BNDES emphasizes three factors it considers strategic: innovation, local development and socio-environmental development.

The BNDES has several tools to finance the investment needs of its clients on a long-term basis with very attractive rates.

7 Under the bank’s formal approval.

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Requests are usually made through financial institutions but, in some cases, can be made directly to BNDES. BNDES does not have branches, so the majority of operations are carried out indirectly through a partnership with a network of accredited financial institutions located nationwide. Financial resources are transferred to accredited agents, which are responsible for credit analysis and approval.

Target Customer:Companies in general, established under Brazilian laws, which require long-term financing for the following objectives:

• Development of investment projects;

• Acquisition or commercialization of domestically manufactured machinery and equipment accredited with BNDES;

• Production of goods to be exported, in a pre-shipment phase.

Forms of Operating:INDIRECT: Demands a bank to present the project to BNDES. The bank absorbers the company’s credit risk.

DIRECTLY: The company presents the project directly to BNDES. The BNDES absorbers the company’s credit risk or the company presents a bank guarantee to BNDES.

Products & Financing Lines:Products are the most basic lending instruments, available for long tenor, offered by BNDES.

Each Product has its own financial conditions and operational procedures.

Main products lines: BNDES FINEM; BNDES Automatic; BNDES Finame; BNDES Exim.

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Overview of the Main Products:

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Financial costs that are used in the BnDes transactions:

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06.BANK GUARANTEES

Brazilian Credit Market is relatively new compared to other countries. The country does not have a positive credit bureau, which shares credit history of all customers. So it is common that, for most of commercial transactions, it is required a bank guarantee. Examples:

• Rental payments;

• Performance;

• Advance payments;

• Participating in Public Tender Bids;

• Collateral on Margin: Stock Exchanges, Commodity Exchanges and Future Markets;

• Collateral for legal proceedings: tax and labor law liabilities, etc.

Target Customer:Companies in general which require a bank guarantee to cover obligations with third parties.

Description:A commitment undertaken by the bank to pay a given amount, in local currency (BRL) to the beneficiary of the Guarantee, in the event of non-performance, fully or partially, of the obligations by the bank’s customer.

Benefits:Companies can obtain a guarantee covering obligations undertaken with third parties, without any immediate impact on their cash flow.

Documentation:Private Agreement of Guarantee: Agreement which formally establishes the undertaking executed between the bank and the Company to guarantee the obligations made.

Letter of Guarantee: A document delivered to the beneficiary of the Guarantee, which formally establishes the guarantee rendered by the bank.

Agreement of Collateral: Instrument which formally establishes the collateral rendered by the Company, when applicable.FI

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Terms:Amount/Maximum Term/Fees/Payment of Fees: These terms are freely agreed by the company and the bank on a case-by-case basis, based upon the credit limit awarded and the type of obligation underwritten.

Specific Terms And Conditions:Letters of Guarantee other than the standard model used by the bank shall be analyzed in advance.

Letters of Guarantee covering funds related to Federal taxes and payroll taxes shall undergo prior analysis and may be subject to the availability of the technical limit, in due accordance with the regulations of the Central Bank of Brazil.

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07.INTERNATIoNAL GUARANTEES

As for most of commercial transactions in Brazil it is required a bank guarantee, banks also ask for guarantees for mitigating credit risk. Additionally, financial institutions have been focused on risk management improvement, which includes a more careful process for credit analysis and approval by the banks. For international companies starting business in Brazil with no credit history, an international guarantee may be a good solution for obtaining credit lines.

CoMMoN TyPES

Standby Letter of Credit: Across the board guarantee; may be used to cover a transaction (purchase & sale or financial) with the purpose of preventing a potential default or nonperformance as provided in the guarantee. Always issued by a bank.

Advanced Payment Bond: This guarantee ensures the reimbursement of prepayments made by the importer and it is payable in case of nonperformance of contractual clauses.

Corporate Guarantee: Issued by a parent company, this guarantee has legal value and ensures payment of a subsidiary credit operation in case of default by the subsidiary on the respective contract.

Comfort Letter: Issued by a parent company, it shows parent company´s good will towards the subsidiary business, intention to invest and support on credit lines. Although stated in a letter (even in a strong one), it doesn’t have legal value in the majority of countries, except from Austria and Germany. Therefore, it may be not accepted as a guarantee for most of Brazilian banks.

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08.INVESTMENTS

Due to the level of the interests rates in Brazil, financial investments are a good option for any exceeding cash. Banks have a whole set of investment options including ones with immediate liquidity, very low risk and interesting returns. Because of those factors investments may be a good opportunity for surplus cash, even for short periods of time. The Certificate of Deposit (CDB), detailed below, is commonly used by companies.

CDB – CERTIFICATE oF DEPoSIT

Target Customer:Clients with available cash looking for a conservative investment with a bank credit risk.

Description:Fixed income alternative of investment that pays fixed or floating interests at the maturity/redemption.

Benefits:Conservative alternative of investment with a bank credit risk plus the additional guarantee of the FGC – Credit Guarantor Fund (Governed by The Brazilian Central Bank it provides complementary guarantee for applications in

Certificates of Deposit in case of a default of the issuer – until R$ 60,000.00 per investor).

Conditions:Interests: Fixed/Floating Rates/Prices Indexes. Term: negotiable for Fixed/Floating Rates. Minimum of one year for prices indexes. Early redemptions will be carried according to the market conditions.

Regulation/Taxation:Governed by the Brazilian Central Bank. Registered at the CETIP settlement agency. Federal Income Tax (IRF) – Regressive rate on earnings: 22.5% - transactions up to 180 days; 20% - transactions with term between 181 and 360 days; 17.5% - transactions with term between 361 and 720 days; 15% - transactions with term superior to 720 days; Financial Operations Tax (IOF) according to a regressive financial application table, for settlements in up to 29 days after investments.

EXAMPLE

On March 3rd, 2008, a company invested R$ 1,000,000.00 for 360 consecutive days in a certificate of

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deposit with earns indexed to 100% of the Brazilian CDI.

Initial Amount: R$ 1,000,000.00Investment yield: 100% CDIIssue date: 03-03-2008Maturity Date: 02-26-2009

CDI for the period: 11.27%Future value: 1,000,000 * [1,1127^ (250/252)] = R$ 1,103,869.05Gross income: R$ 103,869.05Income Tax (20%): R$ 20,773.81Net income: R$ 83,095.24

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09.ABoUT oUR SPoNSoR

Named World’s Sustainable Bank 2013 by Financial Times and IFC (International Finance Corporation), with a strong global presence and a wide range of local products and services, Santander is always on the lookout for new business opportunities. SANTANDER KEy FACTS

• Has provided its customers with security and service for more than 150 years;

• Named the South America’s Strongest Bank in 2013 by Bloomberg;

• Over 14,500 branches, more than any other international bank in the world, and more than 40,000 ATMs;

• 3.3 million shareholders.

Branches Clients (MM) Mkt share¹

6,173 36,3

MEX Mexico

PR Puerto R.

BR

A

Brazil

CH

I

Chile

UR

U

Uruguay

ARG

Argentina

13%

3,872

1,125

499

480

119

78

20.4

9.3

3.4

2.5

0.4

0.3

11%

16%

21%

9%

10%

18%

Ranking

3o

3o

1o

1o

3o

1o

GEoGRAPHICAL DIVERSIFICATIoN

One of the Group’s defining features is its international scope, reflected in the geographical diversification of its businesses. The bank develops its business in three core areas:

• Latin America

Santander is the leading financial institution in Latin America, with more than US$ 34 billion of investments and a Market Share of 10% on Assets and 10% on deposits.

Branches Clients (MM)

5,953 45.0

MEX Mexico

PR Puerto Rico

BR

A

Brazil

CH

I

Chile

UR

U

Uruguay

ARG Argentina

10.4%

3,661

1,229

488

377

115

83

28.0

10.5

3.3

2.5

0.4

0.3

8.0%

13.8%

19.0%

8.8%

11.1%

18.0%

Ranking

3o

3o

1o

1o

3o

1o

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• Europe

No. 1 bank in the Euro zone by market capitalization and profit, with more than 6,700 branches in the region:

• Lead position in Spain;

• Important presence in the United Kingdom;

• Wholesale banking operations in Spain, Portugal, UK, Italy, Germany and France; • Consumer finance operations in Norway, Poland, Spain, Russia, Portugal, Italy and Germany.

• United States

Santander US focuses on serving the needs of its retail, commercial & corporate clients by providing the highest level of service and offering comprehensive financial solutions.

With strong retail presence in Connecticut, Delaware, Massachusetts, Maryland, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island; Santander US is well capitalized with a 13.85% capital ratio and operates as a financially independent domestic bank in terms of capital and liquidity.

SANTANDER VALUE PRoPoSITIoN

• Santander has the largest retail banking infrastructure

in Latin America;

• Strongest collection capabilities: electronic collections,

paper-based collections, cards, direct debit, pick up

services, etc.;

• Complete payment solutions: all types of domestic

and international supplier’s payments, but also the

widest range of tax payment and Payroll services;

• Local services, regional delivery and global relationship;

• Relationship Model allows for resource allocation

and mobilization at Global, Regional and Local levels;

• A highly experienced team of implementation

and client service professionals for both local and

regional management;

• Supply Chain Finance solutions: range of payables

and receivables financing options, like Factoring,

Confirming, etc.

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SANTANDER IN BRAzIL • Focus on Consumer & Commercial Clients, but it is a universal bank and also operates in the wholesale, third-party asset management and insurance sectors.

• Santander in Brazil is the third largest private bank in total assets in the country.

For further information, please contact:

Grupo santander, BrasilAv. Presidente Juscelino Kubitscheck, 2235 São Paulo/SP - Brazil - CEP 04543-011Telephone: (55 11) 3553-1000 / (55 11) 3553-2000Website: www.santander.com.br

Local Contacts:

Santander Brasil - International DeskHelena Fulgencio VieiraTel: +55 (11) 3553-5390helena.fulgencio@santander.com.br

Ricardo Santaella GestalTel: +55 (11) 3553-2794 ricardogestal@santander.com.br

2,352 Branches

1,309 Mini Branches

17,518 ATM’s

29 million Clients,

50 thousand Employees

... with a wide geographic diversification and global scale to compete and grow.

Santander Brasil is the 3rd private bank in total assets...

BELO HORIZONTERua da Paisagem, 22034000-000 – Nova Lima, MGTel.: (55 31) 2126-9750 • Fax: (55 31) 2126-9772amcham.belohorizonte@amchambrasil.com.br BRASÍLIASHIS QI 5, Comércio Local - Bloco C 1º andar - Lago Sul71615-530 – Brasília, DFTel.: (55 61) 3704-8017 • Fax: (55 61) 3704-8037amcham.brasilia@amchambrasil.com.br CAMPINASRua Dr. José Bonifácio Coutinho Nogueira, 150Edf. Galleria Plaza – 7º andar, sala 70113091-611 – Campinas, SPTel./Fax: (55 19) 2104-1250 / 2104-1275amcham.campinas@amchambrasil.com.br CAMPO GRANDERua Hélio Yoshiaki Ikieziri, 34Ed. Evidence Prime Office – Sala 206 – Royal Park79100-000 – Campo Grande, MSTel.: (55 67) 3211-0906amcham.campogrande@amchambrasil.com.br

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RECIFEAv. Eng. Antônio de Góes, 74251110-000 - Recife, PETel.: (55 81) 3205-1850Fax: (55 81) 3205-1865amcham.recife@amchambrasil.com.br RIBEIRÃO PRETOAvenida Wladimir Meirelles Ferreira, 1525Ufficio Commerciale San Paolo, salas 1 e 214021-630 – Ribeirão Preto, SPTel.: (55 16) 2132-4599 • Fax: (55 16) 2132-4563amcham.ribeiraopreto@amchambrasil.com.br SALVADORAvenida Tancredo Neves, 1632 Edf. Salvador Trade CenterTorre Norte, sala 1307 – Caminho das Árvores41820-020 – Salvador, BATel.: (55 71) 3480-3481amcham.salvador@amchambrasil.com.br SÃO PAULORua da Paz, 1431 – Chácara Santo Antônio04713-001 – São Paulo, SPTel.: (55 11) 4688-4102 • Fax: (55 11) 5180-3777ombudsman@amchambrasil.com.br UBERLÂNDIARua Santos Dumont, 46 – Santa Mônica38400-060 – Uberlândia, MGTel.: (55 34) 2101-4100 • Fax: (55 34) 2101-4107amcham.uberlandia@amchambrasil.com.br

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