1. Ministry of Planning May 2015 Alternatives for Financing Infrastructure

2. Infrastructure Oportunities - Roads - Railways - Airports - Ports

3. INFRASTRUCTURE OPPORTUNITIES ROADS New concessions: 4 Procedures for Request for Proposal/ Expression of Interest (PMIs) launched and expected to be auctioned until the end of this yearPMIs BR-476/153/282/480 (PR/SC) – 492.1 km – R$ 3.45 bi BR-364 (GO/MG) – 439.2 km – R$ 3.1 bi BR-163/230 (MT/PA) – 943 km – R$ 6.6 bi BR-364/060 (MT/GO) – 703.7 km – R$ 4.1 bi New call for Request for Proposal/Expressions of Interest (PMIs) soonPMIs

4. INFRASTRUCTURE OPPORTUNITIES ROADS Investments in existing concessions: 4 th lane Porto Alegre/Canoas (RS) Duplication Rio/Petrópolis (RJ) New lane on the Serra das Araras (SP) Public investment (7,002 km of works funded with the Federal Budget resources: 2,612 km of duplication / adjustment and 4,390 km of construction and paving)

5. INFRASTRUCTURE OPPORTUNITIES RAILWAYS Projects under construction phase: Norte-Sul (FNS) FIOL Transnordestina Projects under analysis to RFP (PMI) to be tendered in 2015: Lucas do Rio Verde/Campinorte (FICO) Sinop-Miritituba Açailândia-Barcarena Estrela D’Oeste - Dourados Transocean railway project (BRA/PER/CHI)

6. INFRASTRUCTURE OPPORTUNITIES AIRPORTS AND PORTS New Airport concessions: Request for Proposal (PMIs) will be published soon. Ports: Expansion of investments in Private Use Terminals (TUPs): 39 terminals approved. R$ 10.9 billion in investments. Renewal of existing leases. Public consultation for the concession of the access channel dredging.

7. Financing Infrastructure in Brazil

8. Source: Central Bank of Brazil. CREDIT OPERATIONS

9. CAPITAL AND FINANCIAL MARKET NON BANK PRIVATE FINANCING (R$ Million)

10. Source: CVM and BNDES. CAPITAL MARKET AND BNDES PRIMARY RESOURCES

11. Source: BNDES and Seae/MF. BNDES – Disbursement to Infrastructure Private Bonds - Issuance for Infrastructure PRIMARY RESOURCES

12. LIQUIDITY AT THE SECONDARY MARKET VOLUME TRADE VERSUS STOCK

13. INFRASTRUCTURE INVESTMENT PROJECTS APPROVED (R$ MILLION) POTENTIAL ISSUANCE OF PRIVATE BONDS Source: Seae/MF

14. Bank and Capital Markets Challenges Ahead Eliminating mismatches between loans and deposits. Increasing institutional, and legal stability. Reducing costs. Improving: human capital expertise. secondary market liquidity. risk mitigation.

15. Bank and Capital Markets Challenges Ahead Directed lending as promoter of free credit and of development capital market Funding in TJLP will be proportional to the emission of infrastructure bonds Development of contingent credit line(stand- by) for early stage investments, when there is greater risk

16. FINANCE MODEL - EXAMPLE Timeline Auction Contracts Signed/Bridge Loan Approved LT Loan Approved Completion End of Concession 3 Months 6 Months30 Months to 60 Months...30 years total Investors, Local & Foreign BNDES Investors, Local & Foreign Equity Bridge Loan Infrastructure Bonds Long Term Loan – TJLP + Market Source: BNDES

17. Thank You