PRIVATE PLACEMENT PROGRAM USING BRAZIL LTN AS COLLATERAL.

General: Traders use Brazil LTNs as collaterals in Private Placement Programs. The LTN may be:

a) Repactuated, under control of Bacen and blocked by Bacen in favor of the Trader’s custodial bank (less used now as Bacen
is unreliable). b) Deposited on a bank (securities account) outside Brazil, or deposited in a bank outside Brazil (in a vault)
with the bank issuing a SKR. c) Loaded on EC, then blocked on EC.

Currently, there are in the world only 3 Platforms able to trade large quantities of LTNs, backed by International Financial
Institutions. These Platforms have working arrangements with top banks and don't need Swift MT542 from Brazil. The
bonds are deposited in these prime banks only, with an SKR issued under Owner's name.

MAIN TRANSACTION TERMS Trader takes groups of 10 LTN H and takes one LTN Z only, as minimum quantities.
Regarding other series, groups of a minimum of 5 units are expected, to be confirmed by Trader upon request. Trader will
indicate in which bank the Investor needs to deposit the LTN. The associated costs are not at the Investor’s expense. There
are no initial costs to go to trade, such as Swift issuance costs or Euroclear loading costs, to be paid upfront by the Owners
(this is often a real barrier for the Owners). Trader’s Program is a 40 week long Program only. Estimated earnings (Net to the
Investor, before facilitator’s commissions) are as follows:

LTN Series Cruzeiros Monetized Estimated Current PU $B Net Earnings Net Earnings
(CR) Face Face Value Current PU (USD) Per Week $B Program
Value USD (B) (R) (40W) $B
H 1.2 1.7 4 1.1 0,35 14.0
K 2.4 3.5 8 2.3 TBC TBC
M 5 7.2 16.7 4.8 TBC TBC
R 7 10.1 23.3 6.7 TBC TBC
Z 10 14.4 33.3 9.6 1,25 50,0

Trade earnings are paid weekly or monthly.

Commissions to facilitators are of 10% of the Investor’s earnings as above. Advances: After the PPP agreement has been
signed, the owner –upon his request-can take an upfront cash payment, usually of 2% of the LOC level, withheld from the
LOC.

Transaction procedures A) Owner submits full, fresh, KYC plus the full legal (paper) documentation of one LTN (plus the
list of the bonds numbers + copy of the 10 GRU certificates including payment receipt), together with signed genealogy/FPA.
KYC does not need to be notarized.

B) GRU certificates and taxes payment certificates must have a residual validity of a minimum of 3 months at the time the
Owner’s KYC is submitted. The ATAF certificate must also be valid.

C) Following the Trader initial Due Diligence and Trader/Owner CC, the LTN will be deposited in a top Bank to be indicated
by the Trader [Necessarily outside Brazil]. A bank SKR under the name of the Owner.

D) Trader will have these LLTN loaded on Euroclear.

E) The bank will block the instrument (the SKR) in favor of the Trader’s custodial bank.

F) Upon blocking confirmation, Trader’s Bank raises the Line Of Credit (LOC).

G) Trade starts the following week.

H) At the end of the 40 week program, the bonds SKR is unblocked. The owner keeps the ownership of these bonds or may
extend the process of trading over the following year(s).