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Declaration of Brazilian Capital Overseas

Circular nr. 3.624, issued by the Brazilian Central Bank (“BCB”) on February 6, 2013, establishes the periods for delivery of the Declaration of Brazilian Capital Overseas (“CBE Declaration”), as outlined below:

i)      the annual declaration referring to the reference date of December 31 should be delivered during the period between February 15 and 6pm on April 5 of the following year;

ii)     the quarterly declaration referring to the reference date of March 31 should be delivered during the period between April 30 and 6pm on June 5;

iii)    the quarterly declaration referring to the reference date of June 30 should be delivered during the period between July 31 and 6pm on September 5; and

iv)    the quarterly declaration referring to the reference date of September 30, 2012 should be delivered during the period between October 31 and 6pm on December 5.

All individuals and companies, resident, domiciled or with headquarters in Brazil, who hold values or assets overseas totaling a sum equal to or greater than US$ 100,000.00 (one hundred thousand US dollars)  on the reference date of December 31 of each year, should submit the CBE Declaration annually. All individuals and companies, resident, domiciled or with headquarters in Brazil, who hold values or assets overseas totaling sum equal to or greater than US$ 100,000,000.00 (one hundred million US dollars) on the reference dates of March 31, June 30 and September 30 of each year, in addition to the annual declaration, should submit a quarterly CBE Declaration.

The abovementioned CBE Declaration should be submitted to the BCB by means of the form that is available on the BCB website – www.bcb.gov.br – and should include the following assets and values:

i)      deposits;

ii)     financial loans;

iii)    financing;

iv)    leasing operations;

v)     direct investments;

vi)    portfolio investments;

vii)   investments in derivatives; and

viii)  other investments, including properties and other assets.

Those responsible for the submission of the CBE Declaration should keep the corroborating documentation relating to the information submitted on file for a period of five years, counting from the reference date of the Declaration, for presentation to the BCB upon request.

It should be pointed out that non-compliance with the rules relating to the CBE Declaration will lead to the BCB applying fines in accordance with the terms and percentages determined by Resolution nr. 3.854 issued by the BCB on May 27, 2010.

The Corporate Finance Department of Felsberg e Associados is available to provide any further clarification required on this matter.

Regards,

CORPORATE FINANCE DEPARTMENT
FELSBERG E ASSOCIADOS

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