Investment Committee (Fund Strategy)

Members
The Investment Committee will be composed of up to 6 (six) members and their alternates, nominated as follows: (i)
the Administrator will appoint 2 (two) representatives and their alternates; (ii) the Manager will appoint 2 (two)
representatives and their alternates; and (iii) the Consultant will appoint 2 (two) representatives and their respective alternates.

Duties of the Investment Committee
– Definition of the criteria for the acquisition or sale of assets, according to the types of operation.
– Analysis of new operations to integrate the portfolio.
– Monitoring of portfolio projects (operational performance and covenants).
– Strategic management: Performance evaluation, diversification, liquidity, income distribution, etc.

Investment Committee Meetings
– Unanimous decisions.
– Investment period (until 12/31/2015 or until when Law 12.431 allows): fortnightly.
– Divestment period (after investment period and until the Fund’s liquidation date): monthly.

Oversight Committee

Members
– Shareholders with 25% or more of the Mezzanine Subordinated Shares.

Obligations of the Supervisory Committee
– Approve the fund’s quarterly or annual reports.
– Opinion on investment and / or divestment decisions in which there is a Conflict of Interest, pointed out or not by the
Investment Committee or by the Fund’s service providers.
– To give an opinion, with veto power, on the execution of judicial or extrajudicial agreements proposed by the
Investment.

Supervisory Committee meetings
– Unanimous decisions.
– Investment period (until 12/31/2015 or until when Law 12.431 allows): quarterly.
– Divestment period (after investment period and until the Fund’s liquidation date): annually.

Participants	Function	Main responsibilities
BB Gestão de Recursos DTVM S.A.	Administrador	– Inform shareholders about recurring aspects or extraordinary events; – Provide regulatory information; – Keep records of quota holders and transactions carried out by the FIDC; – Call a General Meeting of quota holders in the event of the occurrence of any valuation event or early settlement;
BV Asset	Manager	– Management of the fund’s securities portfolio; – Selection of eligible credit rights; – Execution and supervision of investment compliance with the FIDC Investment Policy; – Judicial and extrajudicial collection of defaulted credit rights.
Highland Brasilinvest Gestora de Recursos LTDA	Specialized Consultant	– Promote the pre-selection of credit rights compatible with the investment policy the fund, for decision by the investment committee; – Support and subsidize the manager and administrator in their activities of analysis and selection of credit rights; – Assist the administrator and manager in the monitoring of credit rights and financial assets;
Banco do Brasil S.A.	Custodian	– Validation of eligibility criteria prior to acquisition; – Analysis of documents that evidence the guarantee of credit rights; – Physical and financial settlement of credit rights and other FIDC assets; ; – Keeping of documentation related to credit rights and other FIDC assets, an activity that can be outsourced; – Collect and Receive, on behalf of the FIDC, payments, redemptions of securities or any other income related to securities under custody, depositing the amounts received in the fund’s deposit account;