<SEC-DOCUMENT>0000950103-15-007336.txt : 20150911
<SEC-HEADER>0000950103-15-007336.hdr.sgml : 20150911
<ACCEPTANCE-DATETIME>20150911071449
ACCESSION NUMBER:		0000950103-15-007336
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150910
FILED AS OF DATE:		20150911
DATE AS OF CHANGE:		20150911

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ULTRAPAR HOLDINGS INC
		CENTRAL INDEX KEY:			0001094972
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14950
		FILM NUMBER:		151102285

	BUSINESS ADDRESS:	
		STREET 1:		AV BRIGADERIO LUIZ ANTONIO 1343
		STREET 2:		9 ANDAR SAO PAULO
		CITY:			SP BRAZIL 01350-900
		STATE:			D5
		ZIP:			00000

	MAIL ADDRESS:	
		STREET 1:		CT CORPORATION SYSTEM
		STREET 2:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp59660_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form 6-K</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report Of Foreign Private Issuer</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant To Rule 13a-16 Or 15d-16 Of</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Securities Exchange Act Of 1934</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of September, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number: 001-14950</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ULTRAPAR HOLDINGS INC.</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1.5pt solid">(Translation
of Registrant&rsquo;s Name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Avenida Brigadeiro Luis Antonio, 1343,
9&ordm;</B> <B>Andar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>S&atilde;o Paulo, SP, Brazil 01317-910</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1.5pt solid">(Address
of Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center">Form 20-F<U> </U></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9746;</P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center">Form 40-F<U> </U></TD>
    <TD STYLE="width: 14%; text-align: center">
&#9744;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center">Yes<U> </U></TD>
    <TD STYLE="width: 14%; text-align: center">
&#9744;</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center">No</TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9746;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center">Yes</TD>
    <TD STYLE="width: 14%; text-align: center">
&#9744;</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center">No</TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#9746;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ULTRAPAR HOLDINGS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center"><B>ITEM</B></TD>
    <TD STYLE="width: 90%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">1.</TD>
    <TD STYLE="font-size: 10pt">Standard &amp; Poor&rsquo;s Ratings Services - credit rating report</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


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    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="sandp.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 22%; padding-bottom: 20pt">&nbsp;</TD>
    <TD STYLE="width: 78%; font-size: 30pt; padding-bottom: 20pt; border-bottom: Black 1.5pt dashed"><font style="font: 30pt Arial, Helvetica, Sans-Serif; color: red"><b>RatingsDirect</b></font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt dashed">
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666">&nbsp;</P>
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666">&nbsp;</P>
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666"></P>
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666"><b>Research Update:</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(102,102,102)">&nbsp;</P>
        <P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333">Several Rating Actions Taken On 60</P>
        <P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"></P>
        <P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333">Brazilian Corporate And Infrastructure</P>
        <P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"></P>
        <P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333">Entities Following The Sovereign's</P>
        <P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333"></P>
        <P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333">Downgrade</P>
        <P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Primary Credit Analysts:</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Flavia M Bedran, Sao Paulo
        (55) 11- 3039-9758; flavia.bedran@standardandpoors.com&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Diego H Ocampo, Sao Paulo
        (55) 11-3039-9769; diego.ocampo@standardandpoors.com</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Luisa Vilhena, Sao Paulo
        (55) 11-3039-9727; luisa.vilhena@standardandpoors.com&nbsp;</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Renata Lotfi, Sao Paulo
        (55) 11-3039-9724; renata.lotfi@standardandpoors.com</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Marcelo Schwarz, CFA, Sao
        Paulo +55 11 3039 9782; marcelo.schwarz@standardandpoors.com <BR>
        Julyana Yokota, Sao Paulo +55 11 3039 9731; julyana.yokota@standardandpoors.com</FONT></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Secondary Contact:</B></FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Luciano D Gremone, Buenos
        Aires (54) 114-891-2143; luciano.gremone@standardandpoors.com</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #CC0033">Table Of Contents</P>
        <P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #CC0033"></P></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Overview</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Rating Action</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Rationale</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Related Criteria And Research</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ratings List</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P></td></tr>
</table>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666"></P>



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<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666"><B>Research Update:</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(102,102,102)">&nbsp;</P>

<P STYLE="font: 22pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333">Several Rating Actions Taken On 60 Brazilian&nbsp;Corporate
And Infrastructure&nbsp;Entities Following&nbsp;The Sovereign's Downgrade</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #333333">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #CC0033">Overview</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(204,0,51)">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 49pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">On Sept. 9, 2015, we lowered our foreign
currency rating on the Federative Republic of Brazil to 'BB+' from 'BBB-' and our local currency rating to 'BBB-' from 'BBB+'.
The outlook is negative. We also revised downward our transfer and convertibility (T&amp;C) assessment to 'BBB' from 'BBB+'. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 79pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">We have also affirmed
our 'brAAA' national scale rating on Brazil and revised the outlook on this rating to negative from stable. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">As a result, we are lowering our ratings
on 31 Brazilian corporate and infrastructure entities. At the same time, we are affirming the ratings and maintaining the stable
outlook on six entities. Also, we're affirming the ratings and maintaining the negative outlook on three entities. In addition,
we're revising the outlook on 14 entities to negative. We are also placing ratings on CreditWatch with negative implications on
six entities. We will continue monitoring economic conditions to incorporate further potential impacts on these companies' ratings.
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #CC0033">Rating Action</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(204,0,51)">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 66pt 0pt 0">On Sept. 10, 2015, Standard &amp; Poor's Ratings Services
took various rating actions on Brazilian corporates and infrastructure entities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 66pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">We lowered the ratings on the following entities by
one notch on the global scale foreign currency rating to 'BB+' and on the national scale to 'brAA+', with the exceptions of Eletrobras
and Itaipu whose global scale local currency ratings were lowered to 'BBB-' and national scale remained at 'brAAA'. The outlook
on these entities is negative:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Companhia de Gas de Sao Paulo - Comgas;
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Companhia Energetica do Ceara - Coelce;
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Elektro Eletricidade e Servicos S.A. (Elektro);
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Eletrobras-Centrais Eletricas Brasileiras
S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Transmissora Alianca de Energia Eletrica
S.A. (TAESA); </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Neoenergia S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Companhia de Eletricidade do Estado da
Bahia &ndash; COELBA; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Companhia Energ&eacute;tica do Rio Grande
do Norte &ndash; COSERN; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Companhia Energ&eacute;tica de Pernambuco
&ndash; CELPE; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Itaipu Binacional; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Atlantia Bertin Concessoes S.A. (AB Concess&otilde;es);
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rodovia das Colinas S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Triangulo do Sol Auto-Estradas S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><I>Research Update: Several Rating Actions
Taken On 60 Brazilian Corporate And Infrastructure Entities Following&nbsp;The Sovereign's Downgrade</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Arteris S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Autopista Planalto Sul S/A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CCR S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Autoban - Concessionaria do Sistema Anhanguera
Bandeirantes S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Concessionaria da Rodovia Presidente Dutra
S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rodonorte Concessionaria de Rodovias Integradas
S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ecorodovias Concessoes e Servicos S.A.;
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Concessionaria Ecovias dos Imigrantes S.A.;
and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Santos Brasil Participacoes S.A. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.75in 0pt 0; text-align: justify">We have also lowered our global
scale ratings on Petroleo Brasileiro S.A. &ndash; Petrobras to 'BB' from 'BBB-' and our national scale ratings to 'brAA' from 'brAAA'.
The outlook on both ratings is negative.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.75in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">We also downgraded Samarco Mineracao
S.A. to 'BB+' from 'BBB-' on global scale and to 'brAA+' from 'brAAA' on national scale. The outlook on both ratings is stable.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 42pt 0pt 0">At the same time, we lowered the global scale ratings
on the following entities by one notch with negative outlooks, while we affirmed our 'brAAA' national scale ratings on them. The
outlook on the national scale ratings on the Votorantim group, Ultrapar, and Multiplan is negative, while that on AmBev's national
scale ratings remained stable. The ratings on these entities remain above Brazil's foreign currency rating:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 42pt 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AmBev - Companhia de Bebidas das Americas
(AmBev); </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Globo Comunicacao e Participacoes S.A.
(Globo); </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Multiplan Empreendimentos Imobiliarios
S.A. (Multiplan); </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ultrapar Participacoes S.A. (Ultrapar);
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Votorantim Participacoes S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Votorantim Industrial S.A.; and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Votorantim Cimentos S.A. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 66pt 0pt 0">Also, we placed the ratings on the following entities
on CreditWatch with negative implications:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 66pt 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Braskem S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Klabin S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Odebrecht Engenharia e Construcao S.A.;
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Baesa - Energetica Barra Grande S.A. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Duke Energia International Geracao Paranapanema
S.A.; and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tractebel Energia S.A. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 78pt 0pt 0">We affirmed the ratings with no changes to the outlook
on the following entities:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 78pt 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ache Laboratorios Farmaceuticos S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">BRF S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Embraer S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fibria Celulose S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Gerdau S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Natura Cosmeticos S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Telefonica Brasil S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt; text-align: right"><I>Research Update: Several
Rating Actions Taken On 60 Brazilian Corporate And Infrastructure Entities Following The Sovereign's Downgrade</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vale S.A.; and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Vale Canada Ltd. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 48pt 0pt 0; text-align: justify">We affirmed the global scale ratings
and revised the outlooks to negative on the following entities. The outlook on the national scale ratings were also revised to
negative, except for Ra&iacute;zen which remained stable:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 48pt 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 97pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ra&iacute;zen (which
is the combination of Raizen Energia S.A. and Raizen Combustiveis S.A.); </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Localiza Rent a Car S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ampla Energia e Servicos S.A; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cachoeira Paulista Transmissora de Energia
S.A.; and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Norte Brasil Transmissora de Energia S.A.
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 48pt 0pt 0">Finally, we lowered our national scale ratings by one
notch to 'brAA' on the following entities. The outlook on these ratings is negative:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 48pt 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Companhia Energetica de Minas Gerais S.A.;
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cemig Distribuicao S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Cemig Geracao e Transmissao S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CPFL Energia S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Companhia Paulista de Forca e Luz; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Companhia Piratininga de Forca e Luz; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rio Grande Energia S.A.; </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Bandeirante Energia S.A.; and </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Espirito Santo Centrais Eletricas S.A.
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #CC0033">Rationale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(204,0,51)">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">The downgrade of Comgas, Coelce, Elektro, TAESA, Neoenergia
and its subsidiaries, Atlantia Bertin and its subsidiaries, Arteris and its subsidiary, CCR and its subsidiaries, and Ecorodovias
and its subsidiary reflects our view of an appreciable likelihood that they would default under a scenario where the sovereign
defaults on its foreign currency obligations. The electric distributors and toll roads would follow the sovereign in a default
scenario because we believe that their regulated status makes them vulnerable if the sovereign's credit quality weakens significantly
(i.e. potential tariff controls, revenue collection, and credit availability would suffer in such scenario).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">The downgrade of Eletrobras, Itaipu, and Petrobras
is in line with our criteria for government-related entities (GREs). We view the likelihood of extraordinary government support
for Eletrobras as &quot;almost certain,&quot; so we equalize the ratings on the company with those on the sovereign. Itaipu Binacional
benefits from an &quot;extremely high&quot; likelihood of support from the government. As such, all ratings on Itaipu Binacional
are equalized with those on the sovereign at this point, considering its 'bb+' stand-alone credit profile (SACP). Petrobras was
downgraded to 'BB' due to the two-notch downgrade on Brazil's local currency rating. Because we assign a &quot;very high&quot;
likelihood of support from the government and Petrobras' SACP is assessed as 'b+', the resulting corporate rating is 'BB' for a
'BBB-' local currency rating on the sovereign, according to our GRE methodology. The outlook on</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><I>Research Update:
Several Rating Actions Taken On 60 Brazilian Corporate And Infrastructure Entities Following&nbsp;The Sovereign's Downgrade</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 84pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 84pt 0pt 0">global and national scale ratings on these three entities
is negative, reflecting that of the sovereign.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 84pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 42pt 0pt 0">We downgraded Samarco because it wouldn't benefit from
parent support in a sovereign distress scenario. However, the outlook on both global and national scale ratings on Samarco remains
stable, mainly reflecting the company's stand-alone strengths that would support the current ratings even under lower foreign currency
ratings on the sovereign.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 42pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">The one-notch downgrade of AmBev, Globo, Multiplan,
Ultrapar, and the Votorantim group--and the negative outlook on these entities and on Localiza and Ra&iacute;zen--reflect our view
that these entities are currently rated at the maximum number of notches above the sovereign foreign currency rating or T&amp;C
assessment due to their intrinsic credit factors, sensitivity to country risk, and liquidity cushion under the sovereign stress
tests that we run for an entity whose rating is above the sovereign's. The latest individual reports on these entities provide
more insight on the amount of notches above the sovereign rating level each company can reach.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.75in 0pt 0">We placed the ratings on Braskem, Klabin, Odebrecht,
Baesa, Duke, and Tractebel on CreditWatch negative because we need to further test their resiliency to a potential sovereign distress
considering each company's sensitivity to country risk and other specific factors. However, we believe there's at least a 50% chance
for a downgrade as well. We expect to resolve these CreditWatch listings in the next 90 days.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.75in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">The ratings affirmations on Ach&eacute;, BRF, Embraer,
Fibria, Gerdau, Natura, Telef&ocirc;nica Brasil, and Vale and its subsidiary reflect our belief that under a sovereign default
these companies would have enough liquidity to cover their obligations at least for a certain period of time. Also, some of these
companies have characteristics that partly insulate them from the Brazil's stagnant economy, such as their exports, foreign operations,
manageable foreign currency debt maturities, etc. We will continue to further evaluate how the weakening economic conditions could
affect these companies' ratings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">Lastly, the outlook revision on Ampla, Cachoeira Paulista,
and Norte Brasil and the rating changes on Santos Brasil, Cemig, CPFL, Bandeirante Energia, and Esp&iacute;rito Santo Centrais
El&eacute;tricas mirror that of the sovereign and reflect our view that if a further downgrade on the sovereign occurs, we might
lower ratings on these entities due to their regulated status and exposure to the domestic economy. Our national scale ratings
have a correlation to the global scale, but also reflect their comparative creditworthiness within the rating category.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">Our ratings on Companhia Brasileira de Distribui&ccedil;&atilde;o,
Iguatemi Empresa de Shopping Centers S.A., JBS S.A., Lojas Renner S.A., MRS Log&iacute;stica S.A., Qualicorp S.A., Grupo RBS, S&atilde;o
Martinho S.A., and Suzano Papel e Celulose S.A. are not immediately affected by the sovereign downgrade. However, we could revise
the outlook on these entities to negative during the next 90 days because we need to further test their resiliency to a hypothetical
sovereign</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">&nbsp;&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><I>Research Update: Several
Rating Actions Taken On 60 Brazilian Corporate And Infrastructure Entities Following The Sovereign's Downgrade</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">default scenario.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 42pt 0pt 0">For all the entities that we downgraded to 'BB+' and/or
'brAA+', we expect to assign recovery ratings for their rated debt within the next 90 days.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 42pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 48pt 0pt 0">We will continue to assess the overall credit quality
of the corporate portfolio on an ongoing basis in light of weakening sovereign credit quality and weaker macroeconomic prospects.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 48pt 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #CC0033">Related Criteria And Research</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(204,0,51)">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Related Criteria</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 73pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Rating Government-Related
Entities: Methodology And Assumptions, March 25, 2015 </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 67pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Criteria: Standard
&amp; Poor's National And Regional Scale Mapping Tables, Sept. 30, 2014 </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Criteria: National And Regional Scale Credit
Ratings, Sept. 22, 2014 </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Corporate Methodology, Nov. 19, 2013 </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Group Rating Methodology, Nov. 19, 2013
</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 115pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Ratings Above the
Sovereign &ndash; Corporate and Government Ratings: Methodology and Assumptions, Nov. 19, 2013 </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2008 Corporate Criteria: Analytical Methodology,
April 15, 2008 </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Related Research</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 61pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brazil Foreign Currency
Ratings Lowered To 'BB+/B'; Outlook Is Negative, Sept. 9, 2015 </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Brazil Outlook Revised To Negative; Ratings
Affirmed, July 2015 </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 11pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 61pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Outlook On 30 Brazilian
Corporate And Infrastructure Entities Revised To Negative On Similar Sovereign Action, July 28, 2015 </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #CC0033">Ratings List</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: rgb(204,0,51)">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Ratings Lowered</font></td>
    <TD STYLE="width: 11%; font-size: 10pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="width: 11%; font-size: 10pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="width: 67%; font-size: 10pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">To</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">From</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">AmBev - Companhia de</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Bebidas das Americas</FONT></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">A-/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">A/Negative/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Companhia de Gas</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">de Sao Paulo - Comgas</FONT></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Scale</FONT></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/-</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Companhia Energetica</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">do Ceara - Coelce</FONT></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Scale</FONT></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/brA-1</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/brA-1</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Elektro Eletricidade</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">e Servi&ccedil;os S.A.</FONT></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Scale</FONT></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt; text-align: right"><I>Research Update: Several
Rating Actions Taken On 60 Brazilian Corporate And Infrastructure Entities Following The Sovereign's Downgrade</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Globo Comunicacao e Participacoes S.A.</font></td>
    <TD STYLE="font-size: 10pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB+/Negative/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Multiplan Empreendimentos Imobiliarios S.A.</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Samarco Mineracao S.A.</font></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Stable/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Stable/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Transmissora Alianca de Energia Eletrica</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">S.A.</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/brA-1</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/brA-1</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Ultrapar Participacoes S.A.</font></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Votorantim Participacoes S.A.</font></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Votorantim Industrial S.A.</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Votorantim Cimentos S.A.</font></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Negative/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Eletrobras - Centrais Eletricas Brasileiras S.A.</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Local Currency</FONT></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB+/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Foreign Currency</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Petroleo Brasileiro S.A. - Petrobras</font></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Itaipu Binacional</font></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Local Currency</FONT></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Foreign Currency</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-size: 8pt; width: 65%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>WWW.STANDARDANDPOORS.COM/RATINGSDIRECT</B></FONT></TD><TD STYLE="font-size: 8pt; text-align: right; width: 35%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>SEPTEMBER 10, 2015&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></B></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt; text-align: right"><I>Research Update: Several
Rating Actions Taken On 60 Brazilian Corporate And Infrastructure Entities Following The Sovereign's Downgrade</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="font-size: 10pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Neoenergia S.A.</FONT></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/brA-1</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/brA-1+</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Companhia de Eletricidade do Estado da Bahia &ndash; Coelba</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Companhia Energ&eacute;tica do Rio Grande do Norte - Cosern</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Companhia Energ&eacute;tica de Pernambuco &ndash; Celpe</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; padding-left: 0.125in; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-left: 0.125in; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</FONT></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/--</FONT></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</FONT></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Itapebi Geracao de Energia S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.125in; text-indent: 0in">Subordinated</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 33%; padding-left: 0.25in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazil National Scale</font></td>
    <TD STYLE="width: 67%; font-size: 12pt">&nbsp;</td></tr>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 22%"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA</font></td>
    <TD STYLE="width: 67%"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+</font></td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 33%"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Termopernambuco S.A.</font></td>
    <TD STYLE="font-size: 12pt; width: 67%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Senior unsecured</font></td>
    <TD STYLE="font-size: 12pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 0.25in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazil National Scale</font></td>
    <TD STYLE="font-size: 12pt">&nbsp;</td></tr>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 22%"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA</font></td>
    <TD STYLE="width: 67%"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">CCR S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Rodonorte Concessionaria de Rodovias Integradas S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">Autoban - Concessionaria do Sistema Anhanguera Bandeirantes
S.A.Concessionaria da Rodovia Presidente Dutra S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 318pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 318pt 0pt 0">Atlantia Bertin Concessoes S.A. Rodovia das Colinas
S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 318pt 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 294pt 0pt 12pt; text-indent: -12pt">Triangulo do Sol Auto-Estradas
S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 294pt 0pt 12pt; text-indent: -12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Arteris S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Autopista Planalto Sul S/A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.5in 0pt 0">Ecorodovias Concessoes e Servicos S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.5in 0pt 0">Concessionaria
Ecovias dos Imigrantes S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.5in 0pt 0.125in">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 3.5in 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Santos Brasil Participacoes S.A. Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/-</font></td></tr>
</table>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-size: 8pt; width: 65%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>WWW.STANDARDANDPOORS.COM/RATINGSDIRECT</B></FONT></TD><TD STYLE="font-size: 8pt; text-align: right; width: 35%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>SEPTEMBER 10, 2015&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></B></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt; text-align: right"><I>Research Update: Several
Rating Actions Taken On 60 Brazilian Corporate And Infrastructure Entities Following The Sovereign's Downgrade</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">NC Energia S.A.</FONT></td>
    <TD STYLE="font-size: 10pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Short-term debt</FONT></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.25in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazil National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; width: 11%">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; width: 22%"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brA-1</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; width: 67%"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brA-1+</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ratings Placed On</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CreditWatch Negative</FONT></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Braskem S.A.</FONT></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Watch Neg/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Watch Neg/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Odebrecht Engenharia e Constru&ccedil;&atilde;o S.A.</font></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Watch Neg/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Watch Neg/brA-1+</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/brA-1+</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Klabin S.A.</FONT></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Watch Neg/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Watch Neg/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Baesa - Energetica Barra Grande S.A.</font></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Subordinated</FONT></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.25in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazil National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Watch Neg</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Stable</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Duke Energy International Geracao Paranapanema S.A.</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Watch Neg/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Watch Neg/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Tractebel Energia</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">S.A.</font></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Watch Neg/brA-1</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/brA-1</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ratings Affirmed, Outlook Revised To Negative</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Raizen Combustiveis S.A.</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Raizen Energia S.A.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; padding-left: 0.125in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Global</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Scale</FONT></TD>
    <TD STYLE="width: 22%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Negative/--</FONT></TD>
    <TD STYLE="width: 67%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Stable/--</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Localiza</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Rent a Car S.A.</FONT></TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Global</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Scale</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Negative/--</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Stable/--</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 0.125in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Negative/--</FONT></TD>
    <TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-size: 8pt; width: 65%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>WWW.STANDARDANDPOORS.COM/RATINGSDIRECT</B></FONT></TD><TD STYLE="font-size: 8pt; text-align: right; width: 35%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>SEPTEMBER 10, 2015&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></B></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt; text-align: right"><I>Research Update: Several
Rating Actions Taken On 60 Brazilian Corporate And Infrastructure Entities Following The Sovereign's Downgrade</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Ampla Energia e Servi&ccedil;os S.A.</font></td>
    <TD STYLE="font-size: 10pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Stable/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA/Stable/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Companhia Energetica de Minas Gerais S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cemig Distribui&ccedil;&atilde;o S.A.Cemig Gera&ccedil;&atilde;o
e Transmiss&atilde;o S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Stable/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Stable/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">CPFL Energia S.A.</FONT></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Companhia Paulista de For&ccedil;a e Luz</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Companhia Piratininga de For&ccedil;a e Luz</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Rio Grande Energia S.A.</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Stable/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Espirito Santo Centrais Eletricas S.A.</font></td>
    <TD STYLE="font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BB+/Stable/--</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian National Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Stable/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
<tr style="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Bandeirante Energia S.A.&nbsp;&nbsp;Brazilian National Scale</font></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA/Negative/--</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Stable/--</font></td></tr>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt">&nbsp;</TD></TR>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Cachoeira Paulista Transmissora de Energia S.A. Brazilian National
Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA+/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Norte Brasil Transmissora de Energia S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 22%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA/Negative/--</font></td>
    <TD STYLE="width: 67%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAA/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ratings Affirmed</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Ache Laboratorios Farmaceuticos S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Stable/--</font></td></tr>
</table>
<P STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian
National Scale</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">BRF S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Stable/--</font></td></tr>
</table>
<P STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brazilian
National Scale</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Embraer S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Stable/--</font></td></tr>
</table>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #666666">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-size: 8pt; width: 65%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>WWW.STANDARDANDPOORS.COM/RATINGSDIRECT</B></FONT></TD><TD STYLE="font-size: 8pt; text-align: right; width: 35%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>SEPTEMBER 10, 2015&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></B></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt; text-align: right"><I>Research Update: Several
Rating Actions Taken On 60 Brazilian Corporate And Infrastructure Entities Following The Sovereign's Downgrade</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 382pt; text-indent: -370.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Fibria Celulose S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Gerdau S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.125in">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Natura Cosmeticos S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Negative/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.125in">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Vale S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Negative/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.125in">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Vale Canada Ltd.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB/Negative/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Telefonica Brasil S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.125in">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 89%">brAAA/Stable/--</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">AmBev - Companhia de Bebidas das Americas</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.125in">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Eletrobras - Centrais Eletricas Brasileiras S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.125in">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 11%; font-size: 10pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">--/--/brA-1+</font></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 1pt; padding-bottom: 1pt"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                  <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gerdau Ameristeel</FONT> <FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Corp.</FONT></P></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; padding-left: 0.125in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Global Scale</font></td>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">BBB-/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Raizen Combustiveis S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Raizen Energia S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 0.125in">Brazilian National Scale</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 11%; font-size: 12pt; padding-top: 1pt; padding-bottom: 1pt">&nbsp;</td>
    <TD STYLE="width: 89%; padding-top: 1pt; padding-bottom: 1pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">brAAA/Stable/--</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0.5in 0pt 0">Complete ratings information is available to subscribers
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on Standard &amp; Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.</P>

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<!-- Field: Page; Sequence: 13; Value: 1 -->
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<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="font-size: 8pt; width: 65%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>WWW.STANDARDANDPOORS.COM/RATINGSDIRECT</B></FONT></TD><TD STYLE="font-size: 8pt; text-align: right; width: 35%"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>SEPTEMBER 10, 2015&nbsp;&nbsp;<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></B></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: September 10, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD COLSPAN="4"><FONT STYLE="font-size: 10pt"><B>ULTRAPAR HOLDINGS INC.</B></FONT></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">By:</font></td>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Andre Pires de Oliveira Dias</FONT></td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Name:</font></td>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Andre Pires de Oliveira Dias</FONT></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-size: 10pt">Title:</font></td>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Chief Financial and Investor Relations Officer</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(Standard &amp; Poor&rsquo;s Ratings Services - credit rating
report)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
