T OU11 LD 20 SO IN

25th & 26th June 2012 | Hotel Unique, Sao Paulo 25 & 26 de junho 2012 | Hotel Unique, So Paulo

Featured key speakers include: Principais palestrantes incluem:

Luis A. Pereira Da Silva, Central Bank of Brazil

Paulo Fontoura Valle, Ministry of Finance Brazil

Pablo Fonseca Pereira dos Santos, Ministry of Finance Brazil

Felipe Claret da Mota, CVM

Sergio Fldes Guimares, BNDES

Neyde Sfadi, Petrobras

Eduarda Cunha de La Rocque, Prefeitura do Rio de Janeiro

Leopoldo Saboya, BRF Brasil Foods

Mario Augusto da Silva, Odebrecht Oil & Gas

Rodrigo Cardoso Barbosa, Camargo Correa

Robert Abad, WAMCO

Eddy Sternberg, Loomis, Sayles & Company

Christopher Watson, Finisterre Capital

Sonia Zagury, Vale

Platinum Sponsors

Gold Sponsors

Silver Sponsor

Cocktail Sponsor

Lunch Sponsor

Bronze Sponsors

Media Partners

A first rate conference for fixed income and structured finance professionals, with expert speakers, highly relevant topics and excellent networking. It fulfilled completely all the expectations I had and I look forward to attending next year. Arthur Costa da Silva, Petrobras

Bonds & Loans Brazil is the only conference that brings Brazils Debt Capital Markets and Syndicated Loans communities together. Last year, more than 330 delegates representing over 150 institutions attended Bonds & Loans Brazil. This year is set to be even bigger and better than last year. Highlights include: Government and government-related entities: Ministry of Finance, Central Bank of Brazil, CVM, Petrobras, Prefeitura do Rio de Janeiro and BNDES Investors: WAMCO, Loomis, Sayles & Company, Finisterre Capital, Vinci Partners, Bradesco Asset Management, Capitnia and Gavea Investimentos Issuers and borrowers: BRF Brasil Foods, Oi, TAM, Embraport, Iguatemi Empresa de Shopping Centers, Magnesita, EDP Brasil and Companhia Energtica de Minas Gerais Cemig Banks: J.P.Morgan, Bradesco BBI, Santander, Socit Gnrale, Banco do Brasil, HSBC, Deutsche Bank, Mitsubishi UFJ Securities and Bank of Tokyo Mitsubishi

Who you will meet by attending:

Chief financial officers, treasurers and finance directors Institutional investors and fund managers Project and real estate developers and sponsors Private equity houses Debt capital markets and syndicated loan bankers M&A and project finance bankers Lawyers, accountants, consultants and rating agencies Central bankers and regulators

The Brazilian debt market community will be at the Hotel Unique Sao Paulo on 25th June. Dont miss your chance to join the gathering.

Bonds & Loans Brazil a nica conferncia que rene as comunidades do mercado de dvida e emprstimos sindicalizados brasileiros. Ano passado, mais de 330 participantes representando mais de 150 instituies participaram da Bonds & Loans Brazil. Este ano tem tudo para ser maior e melhor que o ano passado. Destaques incluem: Entidades governamentais e relacionadas ao governo: Ministrio da Fazenda, Banco Central do Brasil, CVM, Petrobras, Prefeitura do Rio de Janeiro e BNDES Investidores: WAMCO, Loomis, Sayles & Company, Finisterre Capital, Vinci Partners, Bradesco Asset Management, Capitnia e Gavea Investimentos Emissores e tomadores de emprstimo: BRF Brasil Foods, Oi, TAM, Embraport, Iguatemi Empresa de Shopping Centers, Magnesita, EDP Brasil e Companhia Energtica de Minas Gerais Cemig Bancos: J.P.Morgan, Bradesco BBI, Santander, Socit Gnrale, Banco do Brasil, HSBC, Deutsche Bank, Mitsubishi UFJ Securities e Bank of Tokyo Mitsubishi

Quem voc encontrar participando:

Diretores executivos financeiros, tesoureiros e diretores financeiros Investidores institucionais e gestores de fundos de investimento Incorporadores de imveis e projetos e patrocinadores Empresas de Private Equity Bancos de mercado de capitais e emprstimos sindicalizados Bancos com atuao nas areas de Fuses e Aquisies e financiamento de projetos Advogados, contadores, consultores e agncias de classificao de risco. Bancos centrais e reguladores

A comunidade do mercado de dvida brasileiro estar reunida no Hotel Unique So Paulo no dia 25 de junho. No perca a chance de participar desse encontro. .

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DAY ONE: MONDAy 25TH JUNE 2012

08.00 Registration and coffee 08.50 Chairmans opening remarks Roberto DAvola, Head of Debt Capital Markets, Latin America, J.P.Morgan 09.00 Financing GDP growth how much funding is 11.15

Raising capital in the international markets reviewing successful transactions in 2011 and 2012

needed by the Republic of Brazil?

Assessing Brazils bond yields vs. economic growth projections are there any potential hurdles ahead in 2012 and 2013? How much finance is required to meet GDP growth projections and where are those funds going to be raised? Why developing a local debt capital market is critical for Brazils future growth what are the first steps and who will take them? What is the National Treasurys role in the development of a local debt capital market? Paulo Fontoura Valle, Head of Debt Management Office, National Treasury, Ministry of Finance Brazil 09.30 Developing a corporate bond market in line with

Overcoming challenges issuing euros and sterling bonds against the backdrop of the Eurozone crisis Assessing investor appetite in 2012 vs. 2011 has there been a change? Borrowing strategies during boom and bust times what CFOs and treasurers should keep in mind when raising capital internationally Issuing the largest ever emerging market bond reviewing the trials and successes of the transaction Neyde Sfadi, General Manager, Corporate Finance, Petrobras 11.45 Talking finance and treasury how are Brazilian

companies managing their capital structure given global market volatilities?

Brazils GDP growth

Brazils corporate bond market short-term nature - why is it a stumbling block for growth? Policy initiatives aimed at developing Brazilian corporate bond market achievements and challenges. Law 12431 - an incentive for reducing short-term nature and increasing private funding in investments and infrastructure. Capex Bond and Infrastructure Bond what is the difference to issuers and investors? Pablo F. Pereira dos Santos, Deputy Secretary, Secretariat of Economic Policy, Ministry of Finance Brazil 10.00 Attracting offshore investors to the Brazilian

debentures market the next major stage of growth

Strong Brazilian growth vs. global slowdown are CFOs and treasurers planning for growth or taking caution for a slowdown? Capex requirements and how to finance them considerations for debt or equity issues Bank finance vs. debt capital markets liquidity, depth, tenor and pricing evaluated Advantages of revolving credit and liquidity facilities but can banks continue to provide these facilities to clients? What are the financing options for those entities that cannot issue bonds such as Prefeituras? Review of successful debt and equity transactions in 2011 and 2012 how are deals being structured, to whom are they being sold, and what price are issuers paying? Leopoldo Saboya, Chief Financial Officer, BRF Brasil Foods Sonia Zagury, Finance and Treasury Director, Vale Bernardo Clemente, Treasury Director, TAM Leandro Miranda Arajo, Head of Fixed Income, Bradesco BBI 12.30 What are the criteria and demand factors for global

Reviewing 2011 local market vs. offshore deal flow What are the implications of the new 12431 Law and changes to IOF and withholding tax regulations and how will it act as a catalyst to the local corporate and infrastructure bond market? What size and volume of deals can Brazils local bond market absorb and how far can tenors be drawn out? Attracting international investors to the debentures market is there an appetite for offshore investors to participate in the Brazilian market? Reviewing project-related bonds issued into the local market structures, package, distribution and pricing Attracting international investors to buy Brazilian infrastructure debentures challenges, first steps and key milestones Paulo Fontoura Valle, Head of Debt Management Office, National Treasury, Ministry of Finance Brazil Felipe Claret da Mota, Superintendent, Market Intermediaries, CVM Sergio Fldes Guimares, Deputy Managing Director, International Division, BNDES Ricardo Leoni, Head of Debt Capital Markets, Brazil, J.P.Morgan Ignacio Lorenzo, Head of Credit Sales and Trading, Brazil, Santander Eduardo Alves Lima, Partner, Tauil & Chequer Advogados Associado a Mayer Brown LLP 10.45 Coffee and networking

emerging market investors to buy debt securities in todays market?

Reviewing yields and spreads for emerging market credits in 2011 and 2012 Assessing sentiment for developed and emerging market debt are investors bullish or bearish? Currencies, rates, inflation, growth where are the global markets headed? Sovereign vs. corporate vs. project bonds, high yield vs. high grade, vanilla vs. structured where are the sweet spots for investors? Investor assessment of 10 year sovereign bonds is there better value in high yield Brazilian credits than in the high grade names? Balancing liquidity and yield will there be an appetite for international investors to buy Brazilian debentures now there is an exemption for capital gains and withholding taxes? Or will secondary market illiquidity dampen demand? Robert Abad, Emerging Market Specialist, WAMCO Eddy Sternberg, Head of Emerging Market Debt Strategy, Loomis, Sayles & Company Christopher Watson, Head of Research, Finisterre Capital Alexei Remizov, Managing Director, Capital Markets, Brazil, HSBC 13.15

Lunch hosted by:

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DAY ONE: MONDAy 25TH JUNE 2012

14.40 Chairmans remarks 14.45 Overcoming challenges and successfully issuing 16.45 Financing Brazilian infrastructure and energy projects

non-US dollar bonds to further diversify sources of funding

overcoming challenges accessing capital amidst a changing market environment

Why issue in a non-US dollar currency? What are the reasons why Brazilian companies are issuing in euros and sterling? Analysing different investor bases and assessing how it fits within an issuers capital structure what issuers need to consider before issuing in a non-US dollar currency What to expect from euro and sterling investors how much are the premiums placed on new issues, what is the sentiment for Brazilian debt and what will investors reward issuers for? US dollars vs. euros vs. sterling comparing and contrasting pricing, tenor and liquidity Yen, yuan, offshore BRL, Peruvian, Chilean and Mexican peso what other currencies could Brazilian companies issue in and what would be the specific challenges relating to each market? Currency derivatives how accessible is it to swap from foreign currency to local and vice versa? Flavio Nicolay Guimaraes, Treasury Manager, Oi Roberto Cozzari, Head of Derivatives Marketing, Brazil, J.P.Morgan Cristina Schulman, Head of Debt Capital Markets, Brazil, Santander Jonathan Weinberger, Managing Director, Debt Capital Markets, Americas, Socit Gnrale Andre Silva, Managing Director, Capital Markets and Treasury Solutions, Latin America, Deutsche Bank 15.30 Can banks meet the capital demands of their clients

Analysing bank commitments, ECA participation, maturities and structure of project finance loan transactions in late 2011 and early 2012 what are the trends to look out for? US dollar project bonds is there a market to place deals with international investors? How much has pricing increased since the first half of 2011? Are international fund managers prepared to take construction risk? Are there structures that provide investors with comfort to buy pre-construction project bonds? Examples and case studies from around the world What are BNDES initiatives and plans to support Brazilian project companies? Why ECA participation is essential to successfully closing benchmark deals how much appetite is there amongst ECAs to participate in Brazilian project finance transactions? Eduarda Cunha de La Rocque, Head of Finance, Prefeitura do Rio de Janeiro Mario Augusto da Silva, Chief Financial Officer, Odebrecht Oil & Gas Rodrigo Cardoso Barbosa, Chief Financial Officer, Camargo Correa Mariano Figueiredo, Managing Partner, Vinci Partners Mauro Cavalcanti de Albuquerque, Head of Project Finance, Brazil, Santander Charles Johnson, Partner, Chadbourne & Parke LLP 17.45 Hedging and speculating on FX and interest rate

how are issuers and investors managing their risk?

where are the international, Latin American and Brazilian syndicated loan markets heading?

Deleveraging in Europe and Basel III how will this affect international banks capacity to lend? Do local banks have either the capacity or tenor to step in and fill the funding gap? Review of successful syndications in 2011 H2 and 2012 H1 which banks participated, how were deals syndicated and what are the trends? Dollar funding which banks have dollars to lend? Can Brazilian banks play a meaningful role? If so, how far can they draw out tenors? Will classic underwriting be replaced with club deals and are borrowers prepared to coordinate their banks? Across the board re-pricing of risk which sectors will experience the greatest increase? The rise of new loan market players as balance sheets become a way in which to forge new relationships and develop ancillary business Rodrigo Vergilio Leite, Chief Financial Officer, Embraport Fernando Schahin, Chief Financial Officer, Grupo Schahin Reinaldo Manoel de Lima, Head of Structured Finance and Syndication, Banco do Brasil Roberto DAvola, Head of Debt Capital Markets, Latin America, J.P.Morgan Marcos S. Camargo, Head of Syndication and Capital Markets, Brazil, Socit Gnrale 16.15 Coffee and networking

How much is the tax regime impacting spot rates in Brazil? What challenges are companies and investors facing from new taxes on FX? What is the impact of new local and international regulations on hedging markets? Comparing and contrasting onshore and offshore solutions Are there arbitrage opportunities for investors given the current low interest rate environment? Basel III and liquidity issues what impact is this having on the price of derivatives? Are deals outside of the US being affected by regulatory changes occurring in the US? 18.15 Chairmans closing remarks followed by cocktail

reception in The Skye Bank hosted by:

Highly successful conference in terms of attendance, level of participants, interesting presentations and discussions. The organization, audiovisual and printed material were also top of the line. Mauricio Gitierrez De Gregori, Celfin Capital

It was a great conference for fixed income and structured finance professionals, with senior and expert speakers, about relevant topics, in an excellent networking and learning environment Enrico Rodrigues, LLX Logistica

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DAY TWO: TUESDAy 26TH JUNE 2012

08.30 Registration and coffee 09.00 Chairmans opening remarks Renato Ejnisman, Head of Investment Banking, Bradesco BBI 09.15 Keynote address: Increasing capitalisation 11.45 What can bankers, issuers, investors and regulators

do to boost secondary bond market liquidity?

requirements with Tier I and hybrid capital key challenges and obstacles

Implications of Basel III for Brazilian banks how will this impact their capital structures? Review of hybrid capital deals what works and what doesnt? How does the Brazilian treatment of hybrid structures differ to those of the United States? Adjusting structures to meet the regulatory requirements what changes are required to existing structures? Luis A. Pereira Da Silva, Deputy Governor, Central Bank of Brazil 09.45 Macroeconomic overview of the financial markets: Risk-on, risk-off? Safe-havens? Core currencies? Global downgrades? How has the banking and finance landscape changed in 2011? Evaluating the consequences of the Eurozone crisis to the global banking sector are the way banks operate set to change forever? And what are the implications for credit growth for Brazils corporate? Global volatility vs. strong Brazilian GDP growth how have Brazilian debt and equity markets been affected? Are interest rates likely to continue to fall or will inflationary pressure force local, regional and international rates to rise? Is a Brazilian slowdown of growth a concern? Should it be a concern given global slowdown? US, Asia, Europe or Latin America where is the liquidity and where are investors looking to place their money? Dalton Gardimam, Chief Economist, Bradesco BBI 10.30 How are Brazilian non high-grade issuers and

How has the global make-up and structure fundamentally changed in one year?

What is the criteria on which BNDES can invest into local bonds? Will allowing capital gains and withholding tax exemptions to foreign investors attract them to the Brazilian debentures market and boost trading activity? Or will secondary market illiquidity be a hindrance to their participation? Why the Brazilian debentures market needs a marquee transaction to kick-start activity and test the changes to new tax regulations Chicken or egg will greater issuance attract greater demand from investors or will market liquidity attract companies to issue into the local markets Boosting liquidity will incentivise investors to invest longer and will push down rates benefiting all market players so what is being done and who is taking the lead? Reviewing successful case studies from countries that have developed a local debt capital markets what have Chile and Mexico done and lessons can be applied to Brazil? Andre Luiz Comunale, Manager, Capital Markets, BNDES Patricia Pimenta, Portfolio Manager, Bradesco Asset Management (BRAM) Arturo Profili, Managing Partner, Capitnia Thomas Tostes da Sa, Chief Executive Officer, IBMEC and former President, CVM Carlos Eduardo Ratto Pereira, Executive Director, Cetip Paulo Eduardo Pereira Guimares, Finance Operations Manager, Companhia Energtica de Minas Gerais Cemig Jacob Gearhart, Head of Emerging Markets Syndicate, Americas, Deutsche Bank 12.30 What are the financing options available to

acquisitive companies?

borrowers financing growth?

Bonds vs. loans, international vs. local which markets are open to non high-grade and high yield companies? How liquid are local bond markets? What can issuers and bankers do to extend tenors? Bilateral vs. fully syndicated deals can companies access sufficient capital from their relationship banks for capital? How competitive is bank funding? Has global market volatility closed the Brazilian equity markets? At what price can private equity finance be accessed? What are the options for high yield issuers with revenues in dollars? Can they issue in reais and swap into dollars? Wendel da Silva Caleffi, Finance Manager, Cibe Par Guido Barbosa de Oliveira, Finance Director, Iguatemi Empresa de Shopping Centers Ricardo Assef, Structured Finance Director, MPX Energia Edmar Prado Lopes, Head of Capital Markets, Gol Linhas Leandro Miranda Arajo, Head of Fixed Income, Bradesco BBI Luiz Renato Janesch, Head of Corporate Finance, Magazine Luiza 11.15

What structures are being used to finance acquisitions and how has the need to provide more equity impacted on deal structures? Are short term loans and bridge financing available for buyers and at what price? Local vs. international loan pricing which banks are ready to offer their balance sheets? Long term strategy for refinancing acquisitions does the local bond market offer long enough duration? Challenges and solutions to financing Brazils M&A transactions structuring, packaging, executing and distributing Financing M&A transactions in the local bond markets documentation, timing and process of execution outlined How are private equity houses financing transactions? Which banks do they have access to? Case studies of landmark M&A transactions how were they financed and syndicated into the market? Flvio Rezende Barbosa, Chief Financial Officer, Magnesita Piero Minardi, Partner, Gavea Investimentos Leonardo Antunes, Managing Director, BroadSpan Capital Henrique Lima, Managing Director, Bradesco BBI 13.15

Chairmans closing remarks and end of conference

Coffee and networking

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Companies that participated and audience breakdown for Bonds & Loans Brazil 2011 Companhias que participaram e Anlise audincia da Bonds & Loans Brazil 2011

Aucar Guara ALL - America Latina Logistica Alstom Ambev Amyris Brasil S.A. Andrade Gutierrez Concessoes Ashmore Brazil Assured Guaranty Aviva Investors Banco ABC Brasil Banco BMG Banco Daycoval Banco Fator Banco Votorantim Bank of America Bematech S.A Ber Capital Bertin Energia BNDES BNP Paribas Bom Jesus Agropecuria Ltda. Bombril S.A. Bradesco BBI BRAM - Bradesco Asset Management Brasil Ecodiesel BRF - Brasil Foods Braskem Bridge Partners Broadspan Capital Engenharia De Negocios e Participacoes ltd Brookfi eld Camargo Corra S.A. Capitnia S/A Celfin Capital Cemig Cibe Investimentos Citi Comgs Companhia Paranaense de Energia - COPEL Construtora Norberto Odebrecht S.A Construtura OAS s.a Corretora Magliano Cosan S/A

Credit Suisse Asset Management Credit Suisse CSHG CSN CETIP Czarnikow Group Limited Duratex S.A. Elektro Eletricidade e servicos S/A Embraer S/A Emerge Capital Ltda Esplanada dos Ministerios ETH Bioenergia S/A Expofunding Fertilizantes Heringer Fibria Financial Dynamics Brasil Foz do Brasil Fuh Hwa Securities Investment Galvani Industria Comercio e Servicos Ltda Galvo Participaes S.A. Gerdau Gol Gradual CCTVM Grupo Bertin Grupo CCR S.A. Grupo Fleury HBSA - Hidrovias Do Brasil SA Hidrovias do Brasil HSBC Hypermarcas IMPSA Industrias Romi S/A Invepar Investimentos e Participaes em Infraestrutura S.A. IPR - GDF Suez, Latin America Itau BBA JLT RE-BRASIL JP MORGAN JSL KPMG Light LLX LOGISTICA SA Louis Dreyfus Commodities Brasil Magazine Luiza

Minerva Ministry of Finance Brazil MMC Automotores do Brasil S.A Moinho Pacfico Ind. e Com. Ltda. Moodys MPX Energia S/A Neoenergia Noble Odebrecht Odebrecht Energy Odebrecht Oil & Gas Odebrecht Transport OHL Brasil Oi Parapanema S.A Petrobas Pinheiro Neto Advogados Prefeitura do Rio de Janeiro PREVI - Caixa de Previdncia dos Funcionrios do Banco do Brasil Prosperitas Queiroz Galvao Raizen Randon S/A Implementos e Participaes RB Capital Rede Energia Safdie Private Bank Santander Santo Antonio Energia S.A. Schincariol Societe Generale Standard & Poors Suzlon Energia Elica do Brasil Tractebel Energia S.A. Ultra Unigel United States Department of the Treasury Vale Vinci Partners Vision Brazil Investments Votorantim Asset Management Votorantim Industrial WEG
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By Organisation

l Issuers l International Banks l Investors

51% 26% 13%

l Brazilian Bank l Other

8% 2%

By Job Description

l Director/Vice President 33% l Manager/MD 29% l Head of 14%

l Treasurer l CEO/CFO l Analyst

12% 10% 2%

With the conversion of markets, the Bonds & Loans Brazil conference succeeded in bringing together the major stakeholders, investors, banks and issuers to address the relevant drivers and expectations and needs of each party Julio Cezar Zogbi, Vinci Partners
www.bondsloansbrazil.com

PRIMEIRO DIA: SEGUNDA-FEIRA 25 DE JUNHO DE 2012

08.00 Credenciamento e coffee break 08.50 Observaes iniciais do chairman Roberto DAvola, Head of Debt Capital Markets, Latin America, J.P.Morgan 09.00 Financiando crescimento do PIB quanto 11.15

Encontrando solues de financiamento para expanso global em meio volatilidade no mercado global.

financiamento a Repblica do Brasil precisa?

Avaliando a taxa interna de desconto das obrigaes brasileiras vs. projees de crescimento econmico havero obstculos em potencial em 2012 e 2013? Quanto financiamento necessrio para alcanar projees de crescimento do PIB e onde esses fundos sero levantados? Porque o desenvolvimento de um mercado de dvida local essencial para o crescimento futuro do Brasil quais so os primeiros passos e quem os dar? Qual o papel do Tesouro Nacional no desenvolvimento de um mercado de dvida local? Paulo Fontoura Valle, Head of Debt Management Office, National Treasury, Ministry of Finance Brazil 09.30 O desenvolvimento de um mercado debentures

Superando desafios de emissoras de euros e ttulos esterlinas contra o cenario da crise da Zona Euro Avaliar o apetite dos investidores em 2012 vs 2011 - houve alguma mudana? Estratgias de emprstimo durante boom e recesso - O que os CFOs e tesoureiros deve ter em mente quando levantar capital internacionalmente Neyde Sfadi, General Manager, Corporate Finance, Petrobras 11.45 Falando sobre finanas e tesouraria como as

A natureza de curto prazo no mercado de bonds brasileiro um obstaculo para o crescimento? As iniciativas polticas destinadas a desenvolver mercado brasileiro de bonds: realizaes e desafios Lei 12.431 - um incentivo para reduzir a natureza de curto prazo e o aumento do financiamento privado em investimentos e infra-estrutura. Capex Bond e Infraestrutura Bond qual a diferena para os emissores e investidores Pablo F. Pereira dos Santos, Deputy Secretary, Secretariat of Economic Policy, Ministry of Finance Brazil 10.00 Atraindo investidores offshore para o mercado de Revisando o mercado local em 2011 vs. fluxo de transaes offshore Quais so as implicaes da nova Lei 12431 e das mudanas no IOF e nas normas de impostos retidos na fonte? E como isso ir agir como um catalizador para o mercado de debntures corporativos e de infraestrutura local? Qual o tamanho e o volume das transaes que o mercado de debntures brasileiro pode absorver e at onde os prazos podem ser estendidos? Atraindo investidores internacionais ao mercado de debntures existe apetite para que investidores offshore participem no mercado brasileiro? Revisando debntures especficos para projetos emitidos no mercado local estruturas, pacotes, distribuio e preo Atraindo investidores internacionais para a compra de debntures de infraestrutura brasileiras desafios, primeiros passos e marcos principais Paulo Fontoura Valle, Head of Debt Management Office, National Treasury, Ministry of Finance Brazil Felipe Claret da Mota, Superintendent, Market Intermediaries, CVM Sergio Fldes Guimares, Deputy Managing Director, International Division, BNDES Ricardo Leoni, Head of Debt Capital Markets, Brazil, J.P.Morgan Ignacio Lorenzo, Head of Credit Sales and Trading, Brazil, Santander Eduardo Alves Lima, Partner, Tauil & Chequer Advogados Associado a Mayer Brown LLP 10.45 Coffee break e networking 13.15

corporativos em linha com o crescimento do PIB do Brasil

debntures a prxima grande etapa de crescimento

Forte crescimento brasileiro vs. desacelerao global os diretores executivos financeiros esto planejando crescimento ou tendo cautela para uma desacelerao? Necessidades de despesa de capital e como financi-las consideraes sobre questes de dvida e aces Financiamento bancrio vs. mercados de dvida analisando liquidez, atividade, prazo e preo Vantagens de crdito rotativo e linhas de liquidez mas os bancos podem continuar a fornecer esses produtos seus clientes? Quais so as opes de financiamento para aquelas entidades que no podem emitir debntures como as prefeituras? Reviso de transaes de dvida e aes bem sucedidas em 2011 e 2012 como as transaes esto sendo estruturadas, para quem esto sendo vendidas e que preo os emissores esto pagando? Leopoldo Saboya, Chief Financial Officer, BRF Brasil Foods Sonia Zagury, Finance and Treasury Director, Vale Bernardo Clemente, Treasury Director, TAM Leandro Miranda Arajo, Head of Fixed Income, Bradesco BBI 12.30 Quais so os critrios e fatores de demanda para os

companhias brasileiras esto administrando suas estruturas de capital em frente s volatilidades do mercado global?

investidores globais de mercados emergentes para comprar ttulos de dvida no mercado de hoje?

Revisando as taxas de desconto e retorno para crditos de mercados emergentes em 2011 e 2012 Avaliando as perspectivas das dvidas de mercados desenvolvidos e emergentes os investidores esto otimistas ou pessimistas? Moedas, taxas, inflao, crescimento Para onde os mercados globais esto indo? Debntures soberanos vs. debntures corporativos vs. project bonds, alto retorno vs. baixo risco, obrigaes plain vanilla ou estruturadas onde esto as boas oportunidades para os investidores? Avaliao de investidor de debntures soberanos a 10 anos h mais vantagens em obrigaes de rendimento elevado do que em obrigaes com baixo grau de risco? Balanceando liquidez e retorno haver apetite para que investidores internacionais comprem debntures brasileiros agora que h iseno de ganho de capital e imposto na fonte? Ou a iliquidez do mercado secundrio ir reduzir a demanda? Robert Abad, Emerging Market Specialist, WAMCO Eddy Sternberg, Head of Emerging Market Debt Strategy, Loomis, Sayles & Company Christopher Watson, Head of Research, Finisterre Capital Alexei Remizov, Managing Director, Capital Markets, Brazil, HSBC

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PRIMEIRO DIA: SEGUNDA-FEIRA 25 DE JUNHO DE 2012

14.40 Observaes do chairman 14.45 Superando desafios e emitindo debntures em moeda Por que emitir em outra moeda e no o dlar americano? Quais so as razes das companhias brasileiras estarem emitindo em euros e libras esterlinas? Analisando as diferentes bases de investidores e avaliando como elas se encaixam dentro da estrutura de capital dos emissores o que emissores precisam levar em considerao antes de emitir em moeda que no o dlar americano O que esperar de investidores em euro e libra esterlina qual o gio nas novas emisses, qual a percepo na dvida brasileira e como investidores iro recompensar emissores? Dlar americano vs. euros vs. libra esterlina comparando preo, prazo e liquidez Yen, yuan, real offshore, peso peruano, chileno e mexicano em que outras moedas as companhias brasileiras poderiam emitir e quais seriam os desafios especficos de cada mercado? Derivativos de moeda quo acessvel trocar moeda estrangeira por moeda local e vice versa? Flavio Nicolay Guimaraes, Treasury Manager, Oi Roberto Cozzari, Head of Derivatives Marketing, Brazil, J.P.Morgan Cristina Schulman, Head of Debt Capital Markets, Brazil, Santander Jonathan Weinberger, Managing Director, Debt Capital Markets, Americas, Socit Gnrale 16.45 Financiando projetos de infraestrutura e energia

e no o dlar americano para maior diversificao das fontes de financiamento

brasileiros superando desafios de avaliar capital em meio a um ambiente de mercado em mudana

Analisando os compromissos dos bancos, participao em ECAs, prazos e estruturas de operaes de financiamento de projetos no final de 2011 e incio de 2012 que tendncias procurar? Project bonds em dlar americano h um mercado para se fazer negcios com investidores internacionais? Quanto o preo subiu desde o primeiro semestre de 2011? Os administradores de fundos internacionais esto preparados para tomar risco de construo? Existem estruturas que fornecem ao investidor conforto ao comprar project bonds pr-construo? Exemplos e case studies no mundo todo Quais so as iniciativas e planos do BNDES para apoiar companhias de projeto brasileiras? Por que participao em ECAs essencial para fechar negcios padres qual o apetite das ECAs para participar nas transaes de project finance brasileiras? Eduarda Cunha de La Rocque, Head of Finance, Prefeitura do Rio de Janeiro Mario Augusto da Silva, Chief Financial Officer, Odebrecht Oil & Gas Rodrigo Cardoso Barbosa, Chief Financial Officer, Camargo Correa Mariano Figueiredo, Managing Partner, Vinci Partners Mauro Cavalcanti de Albuquerque, Head of Project Finance, Brazil, Santander Charles Johnson, Partner, Chadbourne & Parke LLP

Andre Silva, Managing Director, Capital Markets and Treasury Solutions, Latin America, Deutsche Bank 15.30 Os bancos conseguem atender as demandas por capital de seus clientes para onde esto indo os mercados de emprstimos sindicalizados latino americano e brasileiro?

17.45 Operaes de hedge e especulando no cmbio e

taxa de juros como emissores e investidores esto administrando seu risco?

Desavalancando na Europa e no Acordo de Basilia III como isso ir afetar a capacidade de emprestar dos bancos internacionais? Os bancos locais tm capacidade ou prazos para cubrir o dficit de financiamento? Reviso de sindicalizaes de sucesso no segundo semestre de 2011 e primeiro semestre de 2012 que bancos participaram, como as transaes foram sindicalizadas e quais so as tendncias? Financiamento em dlar que bancos tm dlar para emprestar? Os banco brasileiros podem ter um papel significante? Se podem, que prazos podem oferecer? A subscrio clssica ser substituda por club deals e os tomadores de emprstimo esto preparados para coordenar seus bancos? Ampla reavaliao de risco quais setores vo experimentar o maior aumento? O surgimento de novos agentes do mercado de dvida a medida que balanos socias se tornem uma forma de forjar novos relacionamentos e desenvolver negcios auxiliaries Rodrigo Vergilio Leite, Chief Financial Officer, Embraport Fernando Schahin, Chief Financial Officer, Grupo Schahin Reinaldo Manoel de Lima, Head of Structured Finance and Syndication, Banco do Brasil Roberto DAvola, Head of Debt Capital Markets, Latin America, J.P.Morgan Marcos S. Camargo, Head of Syndication and Capital Markets, Brazil, Socit Gnrale

Qual o impacto do regime fiscal sobre a taxa de juros spot no Brasil? Que desafios as empresas e investidores esto enfrentando com as novas taxas cambiais? Qual o impacto de novos regulamentos locais e internacionais sobre os mercados de hedge? Comparando e contrastando solues onshore e offsore H oportunidades de arbitragem para investidores dado o ambiente atual de juros baixos? Acordo de Basilia III e questes de liquidez que impacto esto tendo nos preo dos derivativos? As transaes feitas fora dos EUA esto sendo afetadas pelas mudanas regulamentares que esto ocorrendo nos EUA? 18.15 Observaes finais do chairman seguidas de cocktail

de boas-vindas recepcionado por HSBC no Skye Bar

The event was great, with content and audience highlevel, excellent opportunity to network with decisionmakers. Marcos Cunha, Banco WestLB do Brasil

16.15 Coffee break e networking

The event was excellent, with the participation of professionals who actually represent the main players in this market in all the roles: issuers, structurers, investors and regulators. The themes were very appropriate and indeed current market. Carlos Eduardo Ratto Pereira, CETIP
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SEGUNDO DIA: TERA-FEIRA 26 DE JUNHO DE 2012

08.30 Credenciamento e coffee break 09.00 Observaes iniciais do chairman Renato Ejnisman, Head of Investment Banking, Bradesco BBI 09.15 Palestra de abertura: Crescente necessidade de 11.45 O que banqueiros, emissores, investidores e

reguladores podem fazer para estimular liquidez no mercado secundrio de debntures?

capitalizao com capital Tier 1 e capital hbrido Principais desafios e obstculos

Implicaes do Acordo de Basilia III para bancos brasileiros como isso vai impactar suas estruturas de capital? Reviso de negcios de capital hbrido o que funciona e o que no funciona? Como a tratamento brasileiro estruturas hbridas difere do tratamento dado nos Estados Unidos? Ajustando estruturas para cumprir os requisites regulamentares quais mudanas so requisitadas s estruturas existentes? Luis A. Pereira Da Silva, Deputy Governor, Central Bank of Brazil 09.45 Viso geral macroeconmica dos mercados

financeiros: Como o make-up e estrutura globais mudaram fundamentalmente em um ano?

Risk-on, risk-off? Portos seguros? Principais Moedas? Rebaixamento global? Como o panorama bancrio e financeiro mudou desde 2011? Avaliando as consequncias da crise da zona do euro no setor bancrio global a forma dos bancos operar est para mudar para sempre? E quais so as implicaes no crescimento de crdito para corporaes brasileiras? Volatilidade global vs. forte crescimento do PIB brasileiro como os mercados de dvida e aes brasileiros foram afetados? As taxas de juros vo continuar a cair ou a presso inflacionria vai forar o aumento das taxas locais, regionais e internacionais? Um desaceleramento do crescimento econmico brasileiro preocupante? Isso deveria preocupar, dado a desacelerao econmica global? EUA, Asia, Europa e Amrica Latina onde est a liquidez e onde os investidores esto pensando em colocar seu dinheiro? Dalton Gardimam, Chief Economist, Bradesco BBI 10.30 Como os emissores e tomadores de emprstimo

Por qual critrio o BNDES pode investir em debntures locais? A iseno de ganho de capital e imposto na fonte para investidores estrangeiros os atrairo para o mercado de debntures brasileiro e estimular negociaes? Ou a iliquidez do mercado secundrio ser um impedimento participao deles? Porque o mercado brasileiro de debntures precisa de uma transao marquee para impulsionar atividade e testar as mudanas do novo regulamento fiscal. Galinha ou ovo um maior volume de emisses vai gerar maior demanda de investidores ou a liquidez do mercado vai atrair companhias para emitir em mercados locais? O estmulo liquidez vai incentivar investidores a investir em prazos mais longos e forar taxas para baixo, beneficiando todos agentes do mercado o que est sendo feito e quem est tomando a liderana? Revisando case studies de sucesso de pases que desenvolveram um mercado de dvida local o que Chile e Mxico fizeram e qual lies podem ser aplicadas ao Brasil? Andre Luiz Comunale, Manager, Capital Markets, BNDES Patricia Pimenta, Portfolio Manager, Bradesco Asset Management (BRAM) Arturo Profili, Managing Partner, Capitnia Thomas Tostes da Sa, Chief Executive Officer, IBMEC and former President, CVM Carlos Eduardo Ratto Pereira, Executive Director, Cetip Paulo Eduardo Pereira Guimares, Gerncia de Operaes de Financiamento, Companhia Energtica de Minas Gerais Cemig Jacob Gearhart, Head of Emerging Markets Syndicate, Americas, Deutsche Bank 12.30 Quais so as opes de financiamento disponveis s

companhias aquisitivas?

Debntures vs. emprstimos, internacional vs. local que mercados esto abertos para companhias sem classificao de investimento estvel e debntures de alto rendimento? Qual a liquidez do mercado local de debntures? O que emissores e banqueiros fazem para estender prazos? Transaes bilaterais vs. transaes sindicalizadas as companhias podem acessar capital suficiente atravs de seus bancos? Quo competitivo o financiamento bancrio? A volatilidade dos mercados globais fechou o mercado brasileiro de aces? A que custo se pode acessar financiamento via private equity? Quais so as opes para emissores de debntures de alto rendimento com receitas em dlares? Eles podem emitir em reais e fazer operaes de swap por dlares? Wendel da Silva Caleffi, Finance Manager, Cibe Par Guido Barbosa de Oliveira, Finance Director, Iguatemi Empresa de Shopping Centers Ricardo Assef, Structured Finance Director, MPX Energia Edmar Prado Lopes, Head of Capital Markets, Gol Linhas Leandro Miranda Arajo, Head of Fixed Income, Bradesco BBI Luiz Renato Janesch, Head of Corporate Finance, Magazine Luiza 11.15

brasileiros sem classificao de high yield financiam crescimento?

Que estruturas esto sendo usadas para financiar aquisies e como a necessidade de fornecer mais capital tem impactado estruturas de transaes? Os emprstimos de curto prazo e emprstimos-ponte esto disponveis aos compradores? E a que preo? Custo de emprstimo local vs. internacional que bancos esto prontos para fornecer seus balanos? Estratgia de longo-prazo para refinanciar aquisies o mercado de debntures local oferece prazos suficientemente longos? Desafios e solues para financiar transaes de fuso e aquisio no Brasil - estruturao, packaging, execuo e distribuio Financiando transaes de fuso e aquisio nos mercados de debntures locais documentao, timing e processo de execuco delineados Como empresas de private equity esto financiando transaes? A que bancos elas tm acesso? Case studies de transao de fuso e aquisio de referncia Flvio Rezende Barbosa, Chief Financial Officer, Magnesita Piero Minardi, Partner, Gavea Investimentos Leonardo Antunes, Managing Director, BroadSpan Capital Henrique Lima, Managing Director, Bradesco BBI 13.15

Observaes finais do chairman e encerramento da conferncia

Coffee break e networking

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About the venue

About the organisers

LatAm Financial Conferences is the only specialised business producing high level banking and finance conferences in Latin America. Commercially focused: Our starting point is the needs and expectations of our clients. The result is creating and delivering value. Relationships: We build business communities through our industry networks and regional contacts. Regional expertise: Our focus means that we have expertise and insight of how finance works in the Latin America

Av. Brigadelro Luis Antonio 4700 Sao Paulo - SP Brazil T + 55 11 3055 4710 F + 55 11 3889 8100

Hotel Unique

LatAm Financial Conferences a nica empresa especializada em produzir conferncias de alto nvel do mundo bancrio e financeiro, na Amrica Latina. Com um foco comercial: Nosso ponto de partida so as necessidades e altas expectativas dos nossos clientes. O resultado a criao e entrega de alto valor. Parcerias empresariais: Ns criamos comunidades empresariais atravs das nossas edes industriais e contactos a nvel regional. Especializao regional: O nosso conhecimento alargado, significa que temos uma alta competncia e percepo do funcionamento do mundo financeiro da Amrica Latina.

www.hotelunique.com.br

Hotel Unique is ideally located in the heart of Jardins, the most upscale neighbourhood in Sao Paulo, by Ibirapuera Park. Close to both the financial district located on Paulista Avenue & Ave Luis Carlos Berrini, Juscelino Kubistcheck and Faria Lima the most important business districts of Sao Paulo as well as the upscale Jardins shopping areas. 15 minutes from Congonhas (domestic) and 40 minutes from Guarulhos International Airport.

For preferential room rates contact

T +44 (0)20 7045 0925 E Theresa.Owen@LatAmFinancial.com

Alex Johnson Managing Director E Alex.Johnson@LatAmFinancial.com Dhanmita Boodhna Executive Director E Dhanmita.Boodhna@LatAmFinancial.com Bruce Robertson Sales Director E Bruce.Robertson@LatAmFinancial.com

Backed by the industry

The Bonds & Loans Brazil conference is a great initiative aggregating underwriters and Brazilian issuers in So Paulo, at a time in which funding needs will tend to increase to support the expected Brazilian economic growth. The conference allows for a fruitful discussion of relevant issues impacting the banking industry, which will ultimately impact issuers and borrowers.
Marcos Camargo, Head of Loan Syndications, Brazil, Societe Generale

Renata Brito Head of Brazil E Renata.Brito@LatAmFinancial.com Ajla Alijagic Senior Marketing Manager E Ajla@LatAmFinancial.com

www.bondsloansbrazil.com

25th & 26th June 2012 Hotel Unique, Sao Paulo

In the run up to Bonds & Loans Brazil 2012, we speak to Cristina Schulman of Santander and Roberto DAvola of J.P.Morgan about their views on the market.

What are the key challenges that global debt market professionals are currently facing? Are there any Brazil specific challenges that issuers, investors and bankers should be wary of?

Q A

Q A

What are the reasons for investors to remain positive about Brazilian bond and loan markets?

Cristina Schulman, Santander: We had a fantastic start of 2012 for debt market professionals. Improvement in liquidity in the various markets have started to be put to work and most markets have performed in this first quarter. Saying that, we still live in uncertain times. The prolonged economic crisis affecting mostly the developed world continues to affect longer term prospects. We believe that there is plenty of liquidity available in the market, and Brazil continues to be one of the favourite places to invest. However, there continue to be some challenges affecting our market: uncertainty about financing and execution of investments in infrastructure, tax regime and inflation have the potential to affect this market in the long run. Roberto DAvola, JP Morgan: Debt market professionals are facing increasingly stringent banking regulations (Basel III, Volcker Rule) that are affecting cost and availability of funds for lending operations. In the capital markets front, the uncertainty around the economic scenario brings volatility and affects investor appetite for credit risk. In Brazil, in an attempt to control FX rates, recent measures by the Finance Ministry and the Central Bank impose several restrictions on instruments used by Brazilian companies to raise external debt. Such measures could materially impact funding options in both the bank and capital markets since USD debt have traditionally been an important source of funding for Brazilian corporations.

DAvola: A positive scenario for the Brazilian economy persists. The government has been demonstrating fiscal responsibility alongside continued strong domestic demand and increasing purchasing power, allowing the Brazilian economy to be less vulnerable to external volatility. In addition, the US economy has been showing signs of strengthening and the Eurozone latest actions raise optimism that the regions sovereign crisis is contained. At the same time, historical low U.S. Treasury rates and compressed credit spreads in the US continue to encourage investors to look for (still) attractive yields offered by Brazilian issuers. Schulman: In the international front, Brazil continues to be the place to be for investors. The combination of a benign economic environment, solid corporate and finantial sectors and a variety of credits, structures and opportunities for investment continue to attract attention to our market. We believe this will certainly continue, specially in this very low rate environment internationally. The local market is another very interesting oppportunity. Recent tax changes made this market more attractive to international investors, and we expect that to develop further in the next few months. Local capital markets have been very active and liquid, and there is great potential to expand as local investors are presented with more alternatives in terms of different structures and credits. Particularly when one considers the macroeconomic scenario, special attention should be given to longer dated and structured transactions such as project bonds. In addition, recent tax changes have made local market a clear alternative for companies who historically funded internationally.

Q A

How is the ongoing Eurozone crisis affecting the availability of financing for Brazilian companies?

Schulman: With the more than ever globalized market, the Eurozone crisis has affected the availability of financing for Brazilian companies. It creates volatility in the capital markets both internationally and locally, which can delay access to investors. In addition, it affects banks, both European and non- European as they have to cope with potential losses and loss of funding in other markets. Saying that, funding has remained largely available to Brazilian companies as companies have had access to funding locally. At the moment Brazilian companies are very liquid and cash balances are at high levels. DAvola: While macro risks related to the outlook for the Eurozone economies have diminished, the European banking system capitalization needs have put pressure on funding costs and credit lines availability by European banks. In the absence of those once competitive and abundant credit lines, Brazilian companies had to look for alternative sources of funding such as the local debt capital markets or the USD bond market, driving volumes on such markets to historical records.

What do you hope will be achieved at Bonds & Loans Brazil this year? What is the key message you would like to deliver to the audience?

Q A

Schulman: A This conference is a great opportunity to bring together the various market participants in one place to debate what has been a very active and volatile 2011, and prospects for hopefully a record year in terms for Debt Markets activity in 2012. When you look back over the last 12 months you realize how much has changed globally and here in Brazil - we have gone through a major default in a Euro based nation, most of the developed world continues to lean close to recession or low growth. In Brazil, while we have suffered with the volatility, we continue to successfully adapt to these ever changing conditions. The message continues to be one of growth and opportunity.

Do you agree? To join the discussion and post your opinions, join our Bonds & Loans Brazil LinkedIn group at: http://www.linkedin.com/groups?mostPopular=&gid=3799986
www.bondsloansbrazil.com

25th & 26th June 2012 Hotel Unique, Sao Paulo

Sponsorship opportunities

Oportunidades de patrocnio

LatAm Financial Conferences is pleased to be able to offer your company an opportunity to fully capture the potential that this conference provides. With a number of senior decision makers already booked to appear, make sure that you stand out from the crowd and position yourself and your services. There are still a number of speaker positions and packages that can be taken to achieve this. These packages are available for a limited period only. To consult with us on what you may be looking to achieve from this event and how best we can provide you with some tailored options please contact: Bruce Robertson Sales Director T +44 (0)20 7045 0924 E Bruce.Robertson@LatAmFinancial.com

LatAm Financial Conferences tem o prazer de oferecer sua companhia a oportunidade de aproveitar totalmente o potencial que esta conferncia lhe oferece. Com vrios formadores de opinio j agendados para participar da conferncia, tenha certeza que voc e seus servios iro se destacar. Ainda h algumas vagas para palestrantes e alguns pacotes. Esses pacotes estaro disponveis somente por um perodo limitado. Para maiores informaes sobre como podemos lhe ajudar nesse evento e sobre a possibilidade pacotes especiais, por favor consulte: Bruce Robertson Sales Director T +44 (0)20 7045 0924 E Bruce.Robertson@LatAmFinancial.com

10 things you will achieve by attending Bonds & Loans Brazil

1

10 coisas que voc vai atingir participando do Bonds & Loans Brazil
1

Access policy makers and the most prominent industry representatives to expand your network Learn about how regulators plan to supervise the market once it is up and running and learn what the other latest developments are Hear from investors about their views on what types of projects they would like to invest in Engage in debates during the proceeding and position yourself as a thought leader Network and discuss upcoming opportunities Establish new business contacts and schedule follow up meetings Promote your company and make yourself stand out in a competitive market Strengthen your existing relationships and open doors for new deals Raise your brand profile and achieve recognition in new markets Share your thoughts on the industry challenges and contribute to industry sustainability

Acesso legisladores e aos representantes mais eminentes do setor para expandir sua rede de contatos. Aprender como reguladores esto planejando supervisionar o mercado uma vez que este estiver em operao e saber quais so as ltimas novidades Ouvir a opinio de investidores sobre que tipos de projetos eles gostariam de investir Engajar em debates e se mostrar um thought leader Fazer sua network e discutir novas oportunidades Estabelecer novos contatos de negcio e agendar novos encontros Promover sua companhia e se destacar num mercado competitivo Fortalecer seus relacionamentos atuais e abrir portas para novas negociaes Elevar o perfil da sua marca e ganhar reconhecimento em novos mercados Compartilhar suas idias sobre os desafios da indstria e contribuir para a sustentabilidade da indstria

4 5 6

5 6

10

10

www.bondsloansbrazil.com

B o n d s & Lo a n
The event was very well prepared - with highly relevant issues and with the participation of high level speakers. In addition to excellent content, it was also an excellent opportunity to network. Marcelo Peixoto, Credit Agricole

The event stood out for dealing specifically with the debt market, which is not seen at other conferences... there were a large number of corporations in the audience, not just bankers, which helped to see the strategy of other companies to raise funds. Gustavo Luchese Unfer, Petrobras

The event was great, speaker caliber was very high, the organization was sharp and kind. Julio Cezar Zogbi, Vinci Partners

ns Brazil 2011
In my opinion, what made this event a great success...was the choice of speakers, all of the highest level, the way in which each subject was dealt with actual case studies and recent course material very well prepared and undoubtedly the choice of venue also makes a difference. Jos Renato Ppolo, Banco ABC Brasil

EMAIL FORM BACk TO: REGISTRATIONS@LATAMFINANCIAL.COM

25th & 26th June 2012, Hotel Unique, Sao Paulo, Brazil

HOW TO REGISTER
Tel: Email: Post: +44 (0)20 7045 0920 Registrations@LatAmFinancial.com LatAm Financial Conferences 3rd Floor Petersham House, 57a Hatton Garden, London, EC1N 8JG Full Price One Delegate US$2399
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