(Banco Nacional de Desermalomento Econ.:m*2e Sooa'-BNOES) in the total amour* of RS 893.457 Borrowings accrue interest at variable rates bawd cn the Longterm fairest Rate (Taxa de Junos de Longo Ptazo—TJLP) as dfered by BLADES plus a credt spread ranging from 1 92% for subsociary entries of Salvador and 2

Bank batames December 31, Decanter 31, 2014 2013 147 764 Tre full value of cash and cash eq./Nolen% has been pledged as collateral against the Longterm debt of re Oceratng Entities F.311 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL -