THE VALUE OF GREAT DECISIONS

FOR OVER 37 YEARS,Apsis has stood out in the market as anindependent consultancy firm specialized inappraisals and value generation for its clients.

Apsis' credibility and impartiality has made itsresults to be regarded as a reference fordecision-making at major companies.

More than 20,000 reports issued

More than R$ 500 billion in assets appraised in the last 3years

More than R$18 million in assets inventoried andreconciled in the last 3 years

1,200 clients , 80% of which comprising major corporations

More than R$ 63 billion in real estate properties appraised

Apsis issued, in 2014 alone, 80 reports for premiumallocation, identifying an amount of over R$ 21 billion

More than 500 reports registered with the CVM (theBrazilian Securities and Exchange Commission)

INTERNATIONALSTANDARD

MEMBER OF

01 BUSINESS APPRAISAL

• Compliance with legal standards:The Brazilian Corporate Law (Lei das

Sociedades Anônimas) The Accounting Ruling Council (Comitê

de Pronunciamento Contábil)The Judicial Reorganization LawCorporate RestructuringPublic Share Offering (OPA)BACEN Circular Letter;

• Economic and financial feasibility analysis;

• Appraisal of intangible assets, biological Assets, Properties for Investment, among others;

• Appraisal for Purchase and Sale purposes;

• Premium Allocation Law # 12,973;

• Appraisal for Investment Funds;

• Intangible Asset appraisals;

• Technical Assistance and Forensic Inspection;

• Pre-PPA in business merging operations;

• PPA - Purchase Price Allocation.

• Study of project economic and financial feasibility;

• Highest & best use study for potential properties;

• Real Estate Management System - Cubus;

• Financial lifespan, residual value, and replacement value;

• Real estate portfolio profitability analysis;

• Lease vs. buy and stay vs. go analysis;

• Forensic Inspection;

• Execution of projects dedicated to values blueprint review for cities/municipalities;

• Appraisals for various purposes: Insurance, Bank Guarantees/Dation in Payment, Purchase and Sale Value;

• Contract renegotiation and revenue portfolio management;

• Construction Inspection and Measurements;

• Site Hunter.

REAL ESTATE CONSULTANCY0302 FIXED ASSET MANAGEMENT

• Inventory with tagging (RFID/Bar Code);

• Physical vs. Book Reconciliation;

• Bookkeeping and maintenance integration;

• Bookkeeping registry collection (Component Management);

• Fixed Asset Appraisal for various purposes;

• Accounting Requirements (IFRS/CPC/CFC);

• Asset allocation equity control during project execution;

• Equity Outsourcing;

• Specialized Projects / Services for the Telecommunications, Energy and Broadcasting Segments.

MAIN SERVICES

• Basic Environmental Plan (PBA);

• Environmental expert inspection and Due Diligences;

• Environmental appraisals to meet Ecuador Principles;

• Mine Shutdown Plan;

• Industrial Plant Decommissioning Plans;

• Environmental Projects and Plans for specific purposes;

• ISC (Corporate Sustainability Index).

SUSTAINABILITY06• Consultancy in corporate governance

for the alignment with the best practices;

• Implementation of governance bodies through board of directors and consulting board, including recruitment and selection of independent members;

• Corporate governance preparation to structure long-term debt (BNDES) and/or Mergers & Acquisitions (M&A);

• Consultancy for Board Secretariat structuring;

• Strategic restructuring of active boards.

CORPORATE GOVERNANCE04• Mergers & Acquisitions (M&A's);

• Full or partial sales;

• Fundraising from Private Equity funds;

• Strategic growth advisory through the “M&A - Buy-Side” scope;

• Joint Ventures;

• Strategic alliances;

• Financial restructuring;

• Finance and real estate: purchase, sale, sale & lease back and build to suit.

CORPORATETRANSACTIONS05

MAIN SERVICES

Aliansce hired Apsis to help it when it announced the purchase of Pargim stakes at five shopping malls. In this operation, which entailed R$ 574.7 million, the company acquired shares at five other shopping malls, and full control of Carioca Shopping's anchor store C&A. Apsis was in charge of appraising all property assets involved in the operation and substantiate the premium value generated.

Gol announced, in 2011, a partnership in order to enable capital increase through the issue of new shares. This operation was rendered possible by means of capital inflow from Delta Airlines in the total of US$ 100 million, which led to the acquisition of 2.9% to 3% of shares. The operation, which resulted in Gol's significant capital stock increase, was supported by Apsis‘s valuation reports.

Apsis has exclusively conducted RHMED's -- an occupational health and work medicine company –competitive sale of control process, having attracted relevant Brazilian Private Equities. The outcome was the acquisition by the AxxonGroup, a Private Equity fund manager.

Cielo, the multi-flag certifier, is the leader in solutions for electronic payment means. The company, with more than 1.2 million active clients and present in 5,511 Brazilian municipalities, covers 99% of the national territory. Apsis has been rendering equity outsourcing services to Cielo since 2007, and has been implementing its asset management process on all of its terminals (POS/PIN PAD terminals).

CASES

Rua da Assembleia, 35 – 12th floorCentro • Rio de Janeiro

RJ • 20011-001+55 21 2212-6850

E-mail: apsis.rj@apsis.com.br

Rio de Janeiro

Av. Angélica, 2503, # 101Consolação • São Paulo

SP • 01227-200+55 11 3662-5453+55 11 3662-5722

E-mail: apsis.sp@apsis.com.br

São Paulo

apsis.com.br