23 May 2012

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Investing in Brazil through the Netherlands

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The attached memorandum provides a high-level overview of the advantages of structuring
investment in Brazil through the Netherlands. The proposed structure offers benefits in
Brazil and benefits in the Netherlands. The Brazilian component of this memorandum
was prepared with assistance from Fabiola Girao (fgirao@machadoassociados.com.br)
and Erika Tukiama (etukiama@machadoassociados.com.br) of Machado Associados.

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