Market Update RGS Partners

Brazil
May, 2017
Section 1

Brazil Country Overview

 Economic Indicators
Overview of the main macroeconomic data

GDP Growth Consumer Price Index (IPCA)

YoY Change (%) YoY Change (%)
estimates estimates
Estimates 3M Ago Estimates 3M Ago
7.5%
Estimates Today Estimates Today

3.9% 10.7%

2.5%
2.5%
2.5%
2.2%
3.0%
1.9%

0.5%
0.5%
0.1% 6.5% 6.4%

4.7%
5.9% 5.9% 6.3%

4.5%

4.5%
5.8%

4.3%

4.3%
4.0%
(3.5%)
(3.8%)
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Brazil Interest Rate Unemployment Rate

Rate (%) Rate (%)
estimates estimates
Estimates 3M Ago
Estimates 3M Ago
Estimates Today
Estimates Today

12.5%
12.5%
14.3%13.8%

11.6%
11.6%

10.6%
10.4%
11.8%
9.5%

10.8% 11.0%
9.0%

9.0%

11.3%
8.5%

8.5%

8.5%

10.0%
7.3% 6.7% 6.8%
5.9% 5.5% 5.4% 4.8%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: IBGE, Focus Report and Factset as of April 28, 2017. 3

 Broad Market Performance
Equity indices, exchange rate and country risk premium

Market Cap, Index = 100

140.0
Performance 1M YTD 1Y

Aggregate Brazil RGS Index BRL 0.5% 8.1% 12.0%

Aggregate Brazil RGS Index USD (1.6%) 10.0% 22.1%
Equity Indices

Ibovespa BRL 1.2% 8.6% 20.4% 20.4%

120.0 Ibovespa USD (0.9%) 10.5% 31.2%
S&P500 1.1% 6.5% 14.9% 18.7%
12.0%
9.0%

100.0

80.0
Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17

Income-Driven Sectors RGS Index Infrastructure & Commodities RGS Index Aggregate Brazil RGS Index Ibovespa

FX Rate, BRL / 1 USD CDS, Basis Points

3.70 500
Premium (10Y Brazil CDS)
FX Rate and Country Risk

3.60 450

400
3.50
350
3.40
300
3.30
250
3.20 Performance 1M YTD 1Y
200
Exchange Rate (1) 0.1% (2.4%) (7.9%)
3.10 150
CDS (2.5%) (13.5%) (25.2%)

3.00 100
Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17

BRL / USD Brazil CDS

Source: companies reports and Factset as of April 28, 2017. For indices constituents, please consult the appendix.
(1) Negative change means an appreciation of the Brazilian Real against the US Dollar 4
 Market Performance by Sector
Income-driven sectors of the Brazilian economy
Market Cap, Index = 100
150.0

140.0
36.0%

130.0 28.2%
25.6%
120.0 19.9%
19.4%

110.0

100.0 (0.3%)

90.0

80.0
Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17

Consumer & Retail RGS Index Education RGS Index Financial Institutions RGS Index Healthcare RGS Index Homebuilders Malls & Properties

Last Price Last Price / 52-Week Price Performance

Sector Index = 100 Low High 1 Month YTD 1 Year
Consumer & Retail 99.7 115.0% 93.7% 2.4% 10.9% (0.3%)
Education 128.2 145.2% 90.8% 14.7% 13.2% 28.2%
Financial Institutions 119.9 137.6% 96.0% 0.4% 12.5% 19.9%
Healthcare 136.0 140.0% 100.0% 13.7% 14.2% 36.0%
Homebuilders 125.6 141.4% 97.5% 4.4% 30.5% 25.6%
Malls & Properties 119.4 131.6% 97.9% 1.4% 21.8% 19.4%
Average (Weighted) 109.0 117.3% 98.5% 2.1% 12.1% 9.0%

Source: companies reports and Factset as of April 28, 2017. For indices constituents, please consult the appendix. 5
 Market Performance by Sector
Infrastructure and commodities sectors of the Brazilian economy
Market Cap, Index = 100
180.0

140.0 37.7%
21.7%
17.2%
15.6%
14.5%
13.7%
100.0 11.1%
(8.1%)

60.0
Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
Agribusiness RGS Index Industrials RGS Index Concessions & Logistics RGS Index Metals & Mining RGS Index
Oil & Gas RGS Index Pulp & Paper RGS Index Telecom RGS Index Utilities RGS Index

Last Price Last Price / 52-Week Price Performance

Sector Index = 100 Low High 1 Month YTD 1 Year
Agribusiness 111.1 112.7% 88.5% (1.7%) (1.3%) 11.1%
Industrials 121.7 141.1% 99.9% 2.7% 10.4% 21.7%
Concessions & Logistics 113.7 125.1% 91.0% (2.3%) 16.3% 13.7%
Metals & Mining 137.7 198.2% 76.9% (8.5%) 4.5% 37.7%
Oil & Gas 117.2 153.4% 75.4% (1.1%) (11.4%) 17.2%
Pulp & Paper 91.9 122.5% 82.5% 7.2% (10.7%) (8.1%)
Telecom 114.5 123.5% 98.3% 1.0% 11.6% 14.5%
Utilities 115.6 120.3% 90.9% (4.4%) 4.1% 15.6%
Average (Weighted) 118.7 117.3% 88.5% (2.6%) 0.9% 18.7%

Source: companies reports and Factset as of April 28, 2017. For indices constituents, please consult the appendix. 6
 Valuation Statistics by Sector
Brazil is trading at 13.5x Price-to-Earnings 2017, which represents a discount of -25.8% to S&P 500

Total Market Total Enterpr. Net Debt Enterpr. Value / Sales Enterpr. Value / EBITDA Price / Earnings
Sector Cap US$m Value US$m EBITDA 17 2016 2017 2018 2016 2017 2018 2016 2017 2018

Income-Driven
Consumer & Retail 172,241 203,521 1.5x 1.2x 1.2x 1.1x 11.5x 9.8x 8.8x 33.5x 21.6x 17.7x
Education 10,670 10,655 (0.0x) 3.2x 3.1x 3.0x 9.9x 9.5x 9.1x 13.7x 11.9x 10.7x
Financial Institutions 200,329 687,970 NA 7.0x 7.0x 6.6x NA NA NA 12.5x 10.6x 9.5x
Healthcare 13,709 13,853 0.0x 2.6x 2.2x 1.9x 17.0x 14.7x 12.5x 32.4x 28.8x 23.5x
Homebuilders 6,307 9,429 6.4x 2.0x 2.1x 1.9x 21.4x 19.9x 12.8x 35.9x 22.9x 12.0x
Malls & Properties 12,023 17,505 3.9x 10.7x 10.4x 9.6x 14.6x 14.0x 12.3x 36.5x 28.1x 20.9x
Average (Weighted) 1.5x 3.4x 3.3x 3.1x 12.4x 10.7x 9.6x 18.2x 14.3x 12.4x

Infrastructure & Commodities

Agribusiness 8,834 14,184 2.0x 0.7x 0.7x 0.6x 5.2x 4.9x 4.3x 24.5x 13.6x 9.1x
Industrials 22,163 33,500 2.2x 1.3x 1.3x 1.2x 6.9x 6.6x 6.7x 130.0x 14.3x 14.0x
Concessions & Logistics 10,403 19,717 3.1x 1.4x 1.3x 1.3x 7.3x 6.5x 5.9x 39.8x 22.2x 15.0x
Metals & Mining 55,541 94,528 2.0x 2.0x 1.7x 1.7x 6.3x 5.0x 5.6x 21.0x 8.1x 10.1x
Oil & Gas 58,405 154,551 3.3x 1.7x 1.6x 1.5x 5.8x 5.2x 4.8x (12.7x) 12.4x 9.8x
Pulp & Paper 13,283 24,011 3.3x 2.9x 2.7x 2.5x 7.7x 7.3x 6.6x 7.3x 15.4x 14.1x
Telecom 34,768 51,787 1.9x 1.9x 1.8x 1.8x 6.2x 5.9x 5.6x (81.3x) 30.2x 21.8x
Utilities 46,747 72,828 2.5x 1.9x 1.8x 1.6x 8.0x 6.9x 6.1x 10.4x 11.5x 9.2x
Average (Weighted) 2.6x 1.7x 1.6x 1.5x 6.4x 5.7x 5.4x 52.9x 12.3x 11.2x

Total Average (Weighted) 2.3x 2.6x 2.5x 2.3x 7.9x 6.9x 6.5x 24.1x 13.5x 11.9x

S&P 500 18.2x 16.3x

Brazil vs US Premium / (Discount) (25.8%) (26.8%)

In mergers and acquisitions, a given companys valuation might be compared to trading statistics of its sectors listed companies
Factors that might influence the comparison of multiples comprise: (i) growth perspectives, (ii) margins, (iii) leverage, (iv) estimated investments, (v) geographic
footprint, (vii) recurrence of revenues, among other
For further information, please contact RGS Partners. The analysis shall be performed on a case-by-case basis

Source: companies reports and Factset as of April 28, 2017. For indices constituents, please consult the appendix. 7
 Operating Metrics by Sector
Expected operating performance of listed companies influences their trading multiples

Revenues Growth

2017 2018
17.3%16.8%
15.6%
12.9%
9.9% 9.8% 10.0%
8.7%
7.7% 6.7%
5.4% 6.1% 6.4% 5.9% 6.2% 6.5%
4.8% 4.8%
3.0% 3.7% 3.2% 2.8% 3.3%
2.4% 1.7%
1.3%

(2.6%) (1.2%)
Agribusiness Consumer & Education Financial Healthcare Homebuilders Malls & Industrials Concessions Metals & Oil & Gas Pulp & Paper Telecom Utilities
Retail Institutions Properties & Logistics Mining

EBITDA Growth

2017 2018
55.8%

27.3%
15.0% 17.9% 18.1% 16.0% 13.8%
11.7% 15.5% 13.3% 12.9%11.1% 10.2%10.1% 11.8%
5.3% 4.2% 4.5% 7.6% 4.6% 3.7% 5.4% 5.6% 6.0%

(1.2%)
(11.4%)
Agribusiness Consumer & Education Financial Healthcare Homebuilders Malls & Industrials Concessions Metals & Oil & Gas Pulp & Paper Telecom Utilities
Retail Institutions Properties & Logistics Mining

Source: companies reports and Factset as of April 28, 2017. For indices constituents, please consult the appendix. 8
 Operating Metrics by Sector (Contd)
Expected operating performance of listed companies influences their trading multiples

EBITDA Margin

2016 2017 2018

77.4%
74.3%
73.3%

37.5%
37.3%
36.9%
34.5%
32.8%
32.8%
32.7%

31.8%
31.6%
31.5%
31.3%

31.0%
30.9%

30.2%

29.8%

27.1%
25.4%
23.2%
21.4%
20.5%
19.7%
19.6%

18.6%
18.4%
15.2%

15.1%
14.9%
14.8%

14.6%
14.2%
14.1%

12.8%
12.3%
10.7%

10.6%
9.6%

Agribusiness Consumer & Education Financial Healthcare Homebuilders Malls & Industrials Concessions Metals & Oil & Gas Pulp & Paper Telecom Utilities
Retail Institutions Properties & Logistics Mining

Net Margin

2016 2017 2018

32.8%
28.0%

26.6%
26.4%
23.6%

21.9%
21.1%
20.3%
19.1%
16.3%

12.4%

11.5%

11.4%
10.5%

10.1%

(5.2%)

9.7%
9.7%
9.6%
8.0%
7.9%
7.6%

6.2%

6.1%
5.8%

5.8%

5.5%
5.3%
4.7%

4.4%

5.5%
4.1%

4.1%
3.9%

3.2%
3.1%
3.0%

5.0%

(1.5%)
1.8%
1.8%

0.7%

Agribusiness Consumer & Education Financial Healthcare Homebuilders Malls & Industrials Concessions Metals & Oil & Gas Pulp & Paper Telecom Utilities
Retail Institutions Properties & Logistics Mining

Source: companies reports and Factset as of April 28, 2017. For indices constituents, please consult the appendix. 9
Section 2

About RGS Partners

Portfolio of Services
RGS Partners is an independent firm that provides financial and strategic advisory for mergers, acquisitions and fundraising

Mergers and Acquisitions Fundraising (Private Equity,

Advisory Mezzanine Financing and other)

Sell-Side Advisory Structuring and raising capital through

Buy-Side Advisory debt or equity instruments, including:
Sale of Assets Private Equity Funds, Sovereign Wealth
Funds and Pension Funds
Cross-border Transactions Mezzanine Financing
Valuation Report Convertible Instruments
Strategic and financial advice by Acquisition Finance
participating in Board of Directors or Restructuring and Recapitalization
Financial Committee Capital structure assessment
Refinancing of existing liabilities

11
 Our Team is Our Key Asset
We have professionals of excellence; determined and dedicated to the objectives of our clients

Guilherme Radwanski Stuart Renato Radwanski Stuart

Previous experience: Private Equity Principal at BTG Pactual bank
Other experiences: Board Member of Bravante, CCRR and Vivere, besides having
worked at the Investment Banking division of J.P. Morgan (So Paulo and New York)
Education: Civil Engineering at Escola Politcnica (USP)
Previous experience: Director at the Investment Banking team from BTG Pactual
bank, jointly responsible for the coverage of Private Equity funds and Financial
Institutions (FIG)
Other experiences: Member of the Board of Tecnogera, besides having worked in
Industrial Engineering at Arcelor Mittal (France)
Education: Production Engineering at
Escola Politcnica (USP)

Daniel Faccio Firmino Freitas

Previous experience: Investment Banking Associate at Bank of America Merrill Lynch
Other experiences: Asset Management at JP Morgan Bank (So Paulo) and Debt
Restructuring at Solfin Solues Financeiras
Education: Business Administration at Fundao Getlio Vargas and Law at
Universidade de So Paulo Law School (USP)
Previous experience: Strategic Consulting and Project Implementation at General
Electric
Education: M&A specialization at AdkinsMatchett&Toy and at TTS (New York) and
Business Administration at Insper

Fbio Jamra Hugo Pacheco

Previous experience: Investment Banking at Deutsche Bank
Other experiences: Business Development at Alliar Medical Imaging, a Ptria
Investimentos portfolio company
Education: Business Administration at Fundao Getlio Vargas and M&A specialization
at The Wharton School of the University of Pennsylvania
Previous experience: Corporate Credit at Banco BBM
Other experiences: Project Implementation at BBM Investimentos
Education: Mechanical-Aeronautical Engineering at Aeronautics Institute of
Technology

12
 Recent Public Transactions
Undisclosed Amount
RGS Partners is acting as exclusive financial
advisor to Prumo Logstica minority
shareholders in the Tender Offer announced by
EIG Partners
RGS Partners was retained to act in the analysis
of the Tender Offer process and to defend a
share price superior than the valuation offered
by the controlling shareholder
RGS Partners scope includes the definition of the
best strategy to minority shareholders defense,
the review of independent valuation report and
the interaction/negotiation with the interested
parties in the process
Ongoing
Undisclosed Amount
RGS Partners acted as exclusive financial advisor
to one of the most relevant Brazilian advertising
agencies in the creation of a joint-venture with
another company of the same industry
The joint-venture was formed to serve important
companies in several sectors, including one of the
main retail companies in the country
RGS Partners acted in the valuation and financial
structuring of the joint-venture and in the
negotiation of the terms between the parties
March 2017
Undisclosed Amount
RGS Partners was responsible for the financial
valuation of Portal de Documentos in the
context of a shareholders agreement resolution
Portal de Documentos is the leading company in
administrative process intermediation between
private companies and administrative institutions
The valuation performed by RGS Partners
comprised all the main methodologies used by
the market, including a Discounted Free Cash
Flow to evaluate separately each of the two
business divisions (Sum of the Parts Valuation)
March 2017
13
 Recent Public Transactions
R$ 350 mm
RGS Partners acted as exclusive financial advisor
to Concremats shareholders in the sale of a
controlling stake to China Communications
Construction Company (CCCC)
The association of Concremat, one of the largest
engineering consulting companies in Brazil, and
CCCC, Chinese conglomerate with more than US$
70 billions in revenues, will allow the Chinese
Company to have the necessary certifications for
the execution and management of infrastructure
projects in Brazil, estimated in US$ 1 billion in the
medium term
The transaction involved a complex carve-out of
assets that were not part of the transaction
January 2017
Undisclosed Amount
RGS Partners acted as financial advisor to Priner
(former Mills|SI) in the acquisition of a majority
stake in Isolafcil Isolantes Removveis e
Reutilizveis
Priner is a portfolio Company of Leblon Equities, a
leading asset management firm in Brazil
Isolafcil was selected among a broad market
screening performed by Priner jointly with RGS
Partners
The transaction will allow Priner to enlarge its
presence in thermal and acoustic insulation that
require removable materials
January 2017
Undisclosed Amount
RGS Partners was responsible for the valuation in
the context of Grupo Bom Jesus Chapter 11
process
Grupo Bom Jesus is one of the largest Brazilian
producers of cotton, corn and soybeans, with a
cropland of over 250,000 hectares in the center
west region of Brazil. The Group also operates in
the sale of seeds and fertilizers for farmers
through barter transactions
The Chapter 11 process aims at providing the
necessary conditions for the Company to
overcome its current financial crisis and preserve
the ownership of the assets
December 2016
14
 Recent Public Transactions

Undisclosed Amount Undisclosed Amount Undisclosed Amount

RGS Partners acted as financial advisor to Stone RGS Partners acted as exclusive financial advisor RGS Partners acted as exclusive financial advisor
Pagamentos, a credit card payments acquirer, in to Tecnogera in the sale of a controlling stake to to Matrix in the sale of 37,5% of its shares to
the acquisition of Elavon do Brasil P2 Brasil, one of the largest Private Equity Funds DufEnergy S/A, one of the largest energy trading

Stone Pagamentos is controlled by Arpex Capital, in Brasil, formed by Ptria Investimentos and Companies in Europe

a private equity firm with Jorge Paulo Lemann as Promon The transaction occurred during the worst energy
a partner, and Banco Pan After the transaction, Tecnogera became one of crisis in Brazil since 2001, when maximum

Elavon do Brasil, was previously held by Citibank the main players in the emergency energy sector historical prices were achieved, in a period of high

and U.S. Bancorp, and was the fourth largest in Brazil volatility and strong regulatory instability

payments acquirer in this sector that processes RGS Partners became a shareholder of the Given its size and importance in the world energy
over R$ 1 trillion per year Company after the transaction market, DufEnergys entrance in Brazil was

With great honor, RGS Partners was invited to considered a breakpoint in the Brazilian energy

occupy a seat on Tecnogeras board of directors trading market

April 2016 December 2014 September 2014

15
 Previous Achievements of the Partners
Past transactions and investments executed by the partners of RGS Partners attest to the quality of execution and management
of our team
Transactions at BTG Pactual and Merrill Lynch executed by partners
of RGS Partners Investment Management

Company description
With over 50 years, Bravante is a Brazilian Company
operating in the areas of maritime support,
R$3.6 billion R$820 million R$800 million R$700 million shipbuilding and repair and environmental
protection
Sale of 62% of VLI to Join Venture between Acquisition of 48% of Sale of Tok&Stok to
Mitsui, FI-FGTS and Deep Sea Supply and Bravante Carlyle Group Partners assignments
Brookfield the PE fund from BTG by BTGs PE fund
Board member
2013 2013 2010 / 2012 2012 Member of the Finance Committee

Company description
CCRR Group is the leader in self-adhesive papers
R$23 billion R$421 million R$21 billion R$3.5 billion and labels markets in Latin America
Merger of TNL, TMAR Advisor of S. Martinho
and BRT, creating Nova in the sale of 49% stake
Advisor of Perdigo in Acquisition of stake in Partners assignments
the merger with Sadia Petrobras frica assets Board member
Oi to Petrobras Bio
Member of the Finance Committee
2012 2010 2009 2013

Capital Markets
Company description
[ Logo Vivere Brazil is the leader in providing technology
R$450 million Vivere ] services for the real estate financing market
R$470m R$5,3b R$886m R$1.1b
Acquisition of 36% of
Banco PanAmericano by
Partners assignments
BTG Pactual Board member
Member of he Finance Committee
2011 R$115.1b R$1.6b R$915m R$1.7b

16
 Partners Experiences by Sector
Our partners have worked with major Brazilian companies throughout different sectors

Education

Oil & Gas

Infrastructure / Energy / Real Estate / Mining

Financial Institutions Healthcare

17
 Partners Experiences by Sector (cont.)
Our partners have worked with major Brazilian companies throughout different sectors

Industry / Aviation

Consumer

Agribusiness

Technology, Media and Telecommunications Retail

18
Contact Information

RGS Partners

Guilherme Stuart Renato Stuart

Partner Partner
guilherme.stuart@rgspartners.com.br renato.stuart@rgspartners.com.br

Daniel Faccio Firmino Freitas

Partner Associate Partner
daniel.faccio@rgspartners.com.br firmino.freitas@rgspartners.com.br

Fbio Jamra Hugo Pacheco

Associate Partner Analyst
fabio.jamra@rgspartners.com.br hugo.pacheco@rgspartners.com.br

Av. Brigadeiro Faria Lima, 2954 | Cj. 52

Fone: +55 11 2503-4820
CEP 01451-000
So Paulo SP

www.rgspartners.com.br

19
Appendix
 Indices Constituents
Agribusiness
Biosev SA, BrasilAgro Cia Brasileira de Propriedades Agricolas, Cosan S.A. Industria e Comercio, Ouro Fino Saude Animal Participacoes SA, Sao Martinho S.A., SLC Agricola S.A., Tereos Internacional S.A., Vanguarda Agro S.A.

Consumer & Retail

Ambev SA, Arezzo Industria e Comercio S.A., B2W Companhia Digital, BRF SA, Cia Hering SA, Companhia Brasileira de Distribuicao Pfd, CVC Brasil Operadora e Agencia de Viagens SA, Guararapes Confeccoes S.A., Hypermarcas
S.A., International Meal Company Alimentacao SA, JBS S.A., Localiza Rent A Car S.A., Lojas Americanas SA Pfd, Lojas Renner S.A., M. Dias Branco SA Industria e Comercio de Alimentos, Magazine Luiza S.A., Marfrig Alimentos SA,
Marisa Lojas S.A., Minerva S.A., Natura Cosmeticos S.A., Restoque Comercio e Confeccoes de Roupas S.A., Springs Global Participacoes SA, T4F Entretenimento S.A., Technos S.A., Ultrapar Participacoes S.A., Via Varejo S.A.

Education
Estacio Participacoes S.A., GAEC Educacao SA, Kroton Educacional S.A., Ser Educacional S.A.

Financial Institutions
Banco Bradesco SA Pfd, Banco do Brasil S.A., BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros, Cielo, FPC Par Corretora de Seguros SA, Itau Unibanco Holding SA Pfd, Multiplus S.A., Smiles AS

Healthcare
Fleury SA, Odontoprev S.A., Profarma Distribuidora de Produtos Farmaceuticos SA, Qualicorp S.A., Raia Drogasil S.A.

Malls & Properties

Aliansce Shopping Centers S.A., BR Malls Participacoes S.A., BR Properties S.A., General Shopping Brasil S.A., Iguatemi Empresa de Shopping Centers S.A., JHSF Participacoes S.A., Multiplan Empreendimentos Imobiliarios AS, Sao
Carlos Empreendimentos e Participacoes AS, Sonae Sierra Brasil S.A.

Homebuilders
Cyrela Brazil Realty SA Empreendimentos e Participacoes, Direcional Engenharia S.A., Even Construtora E Incorporadora S.A., EZ TEC Empreendimentos e Participacoes AS, Gafisa S.A. ,Helbor Empreendimentos S.A., MRV
Engenharia e Participacoes S.A., Rodobens Negocios Imobiliarios S.A., Tecnisa S.A.

Industrials
Braskem SA Pfd A, Duratex S.A., Industrias Romi S.A., Iochpe Maxion S.A., Mahle-Metal Leve S.A., Marcopolo SA Pfd, Randon SA Implementos e Participacoes Pfd, Tupy S.A., WEG S.A.

Concessions & Logistics

CCR S.A., EcoRodovias Infraestrutura e Logistica S.A., Embraer S.A., GOL Linhas Aereas Inteligentes SA Pfd, JSL S.A., Mills Estruturas e Servicos de Engenharia S.A., Rumo Logistica Operadora Multimodal SA, Tegma Gestao Logistica
S.A.

Metals & Mining

Companhia Siderurgica Nacional, Gerdau SA Pfd, Usinas Siderurgicas de Minas Gerais SA-Usiminas Pfd A, Vale SA Pfd A

Oil & Gas

Petroleo Brasileiro SA Pfd, QGEP Participacoes S.A.

Pulp & Paper

Fibria Celulose S.A., Klabin SA Pfd, Suzano Papel e Celulose SA Pfd A

Telecom
Contax Participacoes S.A., Linx SA, Oi SA Pfd, Telefonica Brasil SA Pfd, TIM Participacoes S.A., TOTVS S.A., Valid Solucoes e Servicos de Seguranca em Meios de Pag

Utilities
CESP Cia Energetica de Sao Paulo SA Pfd B, Cia de Transmissao de Energia Eletrica Paulista Pfd, Cia Energetica de Minas Gerais Cemig CMIG Pfd, Companhia De Gas De Sao Paulo-Comgas Pfd A, Companhia de Saneamento Basico
do Estado de Sao Paulo SABESP, Companhia de Saneamento de Minas Gerais, Companhia Paranaense de Energia - COPEL Pfd B, CPFL Energia S.A., CPFL Energias Renovaveis SA, EDP - Energias do Brasil S.A., Eletropaulo
Metropolitana Eletricidade de Sao Paulo SA Pfd, Equatorial Energia S.A., Light S.A., Tractebel Energia S.A.

21