This event is organised with the kind support of: ENHANCING BUSINESS AND INVESTMENT OPPORTUNITIES BETWEEN BRAZIL AND LUXEMBOURG RIO DE JANEIRO, OCTOBER 18, 2012

WELCOME ADDRESS Paulo Oliveira CEO, BRAIN

LUXEMBOURG: IDEAL PARTNER TO EXPAND THE INTERNATIONAL BUSINESS OF BRAZILIAN COMPANIES Carlo Thelen Member of the Managing Board, Luxembourg Chamber of Commerce

LUXEMBOURG, A GLOBAL HUB FOR FINANCIAL SERVICES Fernand Grulms CEO, Luxembourg for Finance

LUXEMBOURG, INTERNATIONAL SERVICE PROVIDER FOR BRAZILIAN ENTREPRENEURS Introduction: Carlo Thill, Vice Chairman, The Luxembourg Bankers‘ Asssociation Moderator: Franciso da Cunha, Director, Deloitte Tax & Consulting Experts:José Da Silva, Head of Latin American Markets, BGL BNP Paribas Guilherme Bezerril, Head of Latin American, SGG Jean-Philippe Leroy Managing Director, Bradesco Europa SA Testimonial: Carlo Panunzi, Vice Chairman of the Board of ArcelorMittal Brasil

Luxembourg, international service provider for Brazilian entrepreneurs

7 Jean-Philippe Leroy, Managing Director, Bradesco Europa SA Jose Da Silva, Head of Latin American Markets, BGL BNP Paribas Guilherme Bezerril, Head of Latin America, SGG Carlo Panunzi, Vice Chairman of the Board of ArcelorMittal Brasil SETTING UP A LUXEMBOURG HEADQUARTER – IT WORKS!

London 45 mins London 45 mins Berlin 1,5h Berlin 1,5h Paris 2h Paris 2h Zurich 1h Zurich 1h Amsterdam 350 km Amsterdam 350 km Frankfurt 30 mins Frankfurt 30 mins Prague 1,5h Prague 1,5h Vienna 1h Vienna 1h Brussels 200 km Brussels 200 km Milano 1,5h Milano 1,5h 40% of European economic added value is situated whithin a 500 km radius. (70% whithin 700km) 40% of European economic added value is situated whithin a 500 km radius. (70% whithin 700km) Madrid 2h Madrid 2h Lisbon 2h Lisbon 2h 8

9 Growth fundamentals Brazilian economy Luxembourg exports to Brazil A priority for Luxembourg Source of inspiration and strength Internationalisation ambitions of Brazilian entrepreneurs Investments in servicing capacity of Luxembourg Private Banks to Brazilian entrepreneurs Intercultural fit! - Multicultural and multilingual services WHY BRAZIL IS GOOD FOR LUXEMBOURG

10 Ideal hub and gateway for investing in and via Europe Safe place for investors Strong ties with Brazil - 2 nd FDI partner International financial centre specialized in cross-border activities Stock Exchange specialized in international bond listings EU market = 500 M consumers Growing number of multinationals with European HQs in Luxembourg Intercultural fit! - Multicultural and multilingual services Intellectual Property friendly WHY LUXEMBOURG IS GOOD FOR BRAZIL

11 WHY LUXEMBOURG IS GOOD FOR BRAZIL Growing importance of Latin American Investments in Luxembourg … Specialized in serving the most sophisticated clients … PB LUXEMBOURG GROWTH MARKETS

12 BUSINESS SERVICE PLATFORM

SERVICE OFFERING TO ENTREPRENEURS AND THEIR FAMILIES Client sophistication Property and personal credits Deposit and saving accounts Credit Cards Daily banking offering Property and personal credits Deposit and saving accounts Credit Cards Daily banking offering Daily Banking Services Daily Banking Services Direct AdvisoryTax / retirement Advisory mgtMarket research BrokeragePension products Discretionary mgtInsurance solutions Investment fundsWealth Structuring Structured products Direct AdvisoryTax / retirement Advisory mgtMarket research BrokeragePension products Discretionary mgtInsurance solutions Investment fundsWealth Structuring Structured products Investment Services Family officeTax / retirement Succession planningEstate Planning Wealth & corporate structuringArt & collectibles Property & Real EstatePhilanthropy Private Equity Microfinance / SRIs / Islamic Finance Cash management Trade Finance Corporate / Investment Banking Family officeTax / retirement Succession planningEstate Planning Wealth & corporate structuringArt & collectibles Property & Real EstatePhilanthropy Private Equity Microfinance / SRIs / Islamic Finance Cash management Trade Finance Corporate / Investment Banking Wealth Management 13 Complexity of solutions Daily Banking Services Daily Banking Services Investment Services Wealth Management SIF SOPARFI SICAR Property and personal credits Deposit and saving accounts Credit Cards Daily banking offering Property and personal credits Deposit and saving accounts Credit Cards Daily banking offering Daily Banking Services Daily Banking Services Direct AdvisoryTax / retirement Advisory mgtMarket research BrokeragePension products Discretionary mgtInsurance solutions Investment fundsWealth Structuring Structured products Direct AdvisoryTax / retirement Advisory mgtMarket research BrokeragePension products Discretionary mgtInsurance solutions Investment fundsWealth Structuring Structured products Investment Services Family officeTax / retirement Succession planningEstate Planning Wealth & corporate structuringArt & collectibles Property & Real EstatePhilanthropy Private Equity Microfinance / SRIs / Islamic Finance Cash management Trade Finance Corporate / Investment Banking Family officeTax / retirement Succession planningEstate Planning Wealth & corporate structuringArt & collectibles Property & Real EstatePhilanthropy Private Equity Microfinance / SRIs / Islamic Finance Cash management Trade Finance Corporate / Investment Banking Wealth Management

14 Outstanding quality of life International schools Safest capital in the world High quality health care system and solutions Language & mindset – truly cosmopolitan

CONCLUSION 15

LUXEMBOURG, AN INTERNATIONAL REGULATED FUND CENTER: AN OVERVIEW OF UCITS AND OTHER VEHICLES Moderator:Marc Saluzzi, Chairman, Assoication of the Luxembourg Fund Industry (ALFI) Experts:Georges Bock, Managing Partner, KPMG Luxembourg Rafik Fischer, General Manager- Head of Global Investor Services, KBL European Private Bankers Marc Feider, Partner, Allen & Overy Luxembourg Edouardo Penido, Chairman, IIFA

FUNDS PRODUCT/REGIME OVERVIEW Distribution impact Flexibility UCITS AIFMD Transferable securities only Public distribution – EU Passport High level regulation Transferable securities only Public distribution – EU Passport High level regulation UCI Part II All asset classes Public distribution – no EU passport Medium level regulation UCI Part II All asset classes Public distribution – no EU passport Medium level regulation SICAR Risk capital only Qualifying investors only Lower level of regulation SICAR Risk capital only Qualifying investors only Lower level of regulation SIF (Specialized Investment Funds) All asset classes Qualifying investors only Lower level of regulation Diversification requirement SIF (Specialized Investment Funds) All asset classes Qualifying investors only Lower level of regulation Diversification requirement 17

LUXEMBOURG FUNDS: THE VEHICLE OF CHOICE FOR CROSS-BORDER DISTRIBUTION Source: Global Fund Distribution analysis December 31, Luxembourg UCITS distribution market Luxembourg market share of foreign cross-border funds registered for sale Luxembourg market share of foreign cross-border funds registered for sale 18

Source: Global Fund Distribution analysis December 31, 2011 CROSS-BORDER FUNDS: AN EU SUCCESS STORY Number of cross-border funds and registrations 19

A FULL FLEDGED MARKET INFRASTRUCTURE… … to support your international ambitions funds €2,300bn 13,000 jobs Stock exchange listed funds Auditors/ lawyers 344 Management Companies (including 3rd party ManCo) PSF

THANK YOU! 21