ARTICLE
2 December 2013

Brazil: Reduction Of Taxation On Financial Derivatives

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As of June 13, 2013, the Brazilian Government reduced to zero the Tax on Bonds and Securities
Brazil Tax

As of June 13, 2013, the Brazilian Government reduced to zero the Tax on Bonds and Securities ("IOF/Bonds and Securities") levied over the applicable notional amount upon the acquisition, sale or maturity of financial derivatives in Brazil, as long as the corresponding derivatives transaction (i) increases the short foreign exchange position or (ii) decreases the long foreign exchange position of the taxpayer.

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