1E9Ct5D

o) on the settlement of concurrent foreign exchange transactions carried out as from 1 December2011 to remit to Brazil sums arising from the change of regime applicable to the foreign investor –from direct investor under Law 4,131 of 3 September 1962 to stock market investor as regulated bythe CMN: zero;p) on foreign exchange transactions for the fulfillment of obligations imposed by credit card managersor commercial or multiple banks acting as the credit card issuer, as a result a purchase of goods andservices abroad by the credit card user, subject to the provisions in clause "q" below: six point thirtyeightper cent;q) on foreign exchange transactions for the fulfillment of obligations imposed by credit card managersor commercial or multiple banks acting as the credit card issuer, as a result a purchase of goods andservices abroad, whenever the credit card user is the federal, state or municipal government or theFederal District, or any of their related companies: zero;r) on the settlement of foreign exchange transactions carried out as from 5 December 2012 to remitsums to Brazil – including through concurrent operations – in relation to a foreign loan subject toregistration with the Central Bank of Brazil (Banco Central do Brasil), whether directly or through theissuance of bonds in the foreign market with a payment term of up to three hundred and sixty days:six per cent;s) on the settlement of foreign exchange transactions carried out by a foreign investor to remit to Brazilsums to be used in the payment of any such bonds or securities as issued under arts. 1 and 3 of Law12,431 of 24 June 2011: zero; andt) on the settlement of foreign exchange transactions carried out by a foreign investor – includingthrough concurrent operations – to remit from abroad sums to be used to invest in Brazilian DepositaryReceipts - BDR, as regulated by the Brazilian Securities Commission (Comissão de ValoresMobiliários – CVM): zero.(iii) Insurance Operations.In insurance operations, the taxable event of IOF is the receipt of the premium. The expression“insurance operations” includes life and related insurance, personal and occupational accidentinsurance, and insurance covering property, values, things and other non-specified insurance. Thetaxpayers are the insured persons and the persons responsible for the collection and payment are theinsurance companies or financial institutions that make the payment of the premium (arts. 18, 19 and20 of Decree 6,306/07).39