Brazil

(i) 17 March 2020, The Ministry of Economy reduced interest rates on payroll loans for retirees from 2.08% to 1.8%, and reduced the credit card rate from 3% to 2.7%; (ii) The central bank lowered the policy rate (SELIC) by 50bps a historical low of 3.75%; (iii) On 6 May 2020, The central bank decided to lowered the Selic rate to 3% p.a; (iv) No amount/estimate: 17 June 2020, BCB announced a 0.75% cut in the Selic rate to 2.25%; (v) No amount/estimate: 5 August 2020, BCB announced a 0.25% cut in the Selic rate to 2%; (vi) 20 January 2021; no amount/estimate; the BCB's policy committee, COPOM, announced that because various measures of underlying inflation are above the range compatible with meeting the inflation target, and it therefore assesses that both inflation expectations and inflation projections are sufficiently close to its inflation target for the relevant monetary policy horizon--consequently, its previous forward guidance from mid 2020 (that COPOM would not reduce the degree of monetary stimulus provided that certain conditions were met) has been ended and monetary policy will henceforth follow the usual analysis of the risk balance for prospective inflation; the committe reiterated, however, that it is not inclined to raise its SELIC (policy rate) target above the current level of 2% at this time; COPOM also warned of fiscal risks due to the central government's large budget deficits used to respond to COVID-19; (vii) 17 March 2021, BCB raised the target SELIC rate to 2.75 percent; (viii) 27 May 2021, the BCB raised the SELIC rate to 3.5%; (ix) 16 June 2021, the BCB raised the SELIC rate to 4.25 percent; (x) 4 August 2021, BCB raised the Selic rate by 1% to 5.25%; (xi) 22 September 2021, BCB raised the SELIC rate to 6.25%; (xi) 27 October 2021, no estimate, BCB raised the SELIC rate to 7.75%;

(i) 26 March 2020, the New Term Deposit with Special Guarantees (NDPGE) was introduced as a new financing tool for financial institutions associated with the Credit Guarantee Fund (FCG). This is expected to raise credit supply by BRL 200 billion; (ii) 26 March 2020, the BCB offered loans backed by debentures to financial insitutions through the Temporary Liquidity Line; this is expected to increase credit by BRL 91 billion; (iii) 26 March 2020, the BCB allowed the temporary exemption of tax effects arising from overhedge of equity investments held abroad being deducted from equity -- This provides sufficient capital relief from currency depreciation that BCB estimates an increase of BRL 520 billion in credit creation; (iv) BCB reduced the factor applied to calculate the Capital Conservation buffer from 2.5% to 1.25% through March 2021 with gradual reversal until March 2022; BCB estimates this provides capital relief of about BRL 56 billion and increases credit supply by BRL640 billion; No amount/estimate: (v) 24 April 2020, the Banco Central de Brasil (BCB) raised the limit on collateralized lending for cooperative banks; (vi) 29 May 2020, BCB announced an extension of dividend restrictoins until December 2020 and temporary easing of rules on real estate financing; (vii) 2 June 2020, BCB announced it would maintain the countercyclical capital buffer addition at 0% for at least 1 year; (viii) No amount/estimate: 28 July 2020, the Securities and Exchange Commission (CVM) extended the suspension of requirement that a new public offering cannot occur within 4 months of the closing of a previous offering; (ix) 7 April 2021; BCB announced proposed improvements to the rules for the management of social, environmental, and climatic risks in the financial system, and to requirements to be observed by financial institutions as BCB establishes its Social, Environmental, and Climate REsponsiblity Policy;

(i) 24 March 2021, the Ministry of Economy announced the extension of the deadline for payment of federal, state, and municipal taxes within the scope of Simples Nacional (one of the three tax regime options for aimed at microbusinesses and small companies); in all more than 17.3 million taxpayers will see their tax deadlines extended for the months of April/May/June 2021 to six monthly installments paid July through December 2021;

(i) Announced a comprehensive fiscal package worth USD30 billion, that includes expansion and front-loading of social assistance/benefit payments; (ii) Announced several measures, which include bringing forward the 13th pension payment to retirees, expanding the Bolsa Familia program, providing an emergency cash transfer to households; (iii) 30 June 2020, the Ministry of Economy announced extension of emergency aid for another 2 months to 64.3 million Brazilians, who receive an additional BRL600 per month (total = 64.3 million x BRL600 x 2 months = BRL77.16 billion; (iv) 3 July 2020, the Ministry of Economy announced a reduction in the IOF tax rate on credit operations had been extended 90 days; the estimated tax waiver for the 90 days is BRL7.051 billion; (v) No amount/estimate: 6 August 2020, Ministry of Infrastructure announced cancellation of the USD18 per ticket International Boarding Fare, starting in 2021; (vi) No amount/estimate: 24 November 2020, the Ministry of Economy announced that more than 600,000 persons insured by the National Social Security Institute (INSS) who had prepayments of the temporary disability benefit granted until 31 October 2020, will start receiving in December the payment of differences to which they are entitled under Joint Ordinance No. 84; (vii) Overall, the expanded Bolsa Familia program provided BRL600 per month to approximately 64 million people through September 2020; monthly benefits were cut to BRL300 per month in October 2020; the payments ended in December 2020; total direct payments equaled BRL295 billion (viii) no amount/estimate; 10 February 2021, Bolsinaro's economic team and Brazil's legislators are negotiating a resumption of Bolsa Familia relief payments--the former have been pushing to reduce other mandatory spending as an offset to remain under limits of the fiscal rule, while the latter are pushing greater overall spending; (ix) 16 April 2021, A third round of monthly Bolsa Familia payments lasting four months started, with average payments of BRL250 per month to about 44 million individuals; total spending authorized is BRL44 billion;

(i) Expanding the Bolsa Familia program with the inclusion of over 1 million more beneficiaries, cash transfers to informal and unemployed workers, and advance payments of salary bonuses to low income workers; (ii) USD1.5 billion to finance two months of payroll for firms impacted by COVID-19.

(i) Introducing temporary tax breaks and credit lines through the state-owned banks, lowering taxes and import levies on essential medical supplies, and assisting state and local governments; (ii) 23 June 2020, the Ministry of Economy suspends for up to 6 months payment to the Board of Trustees of the Severance Pay Fund (FGTS) from private urban public transport companies; the impact of suspended payments is approximately BRL51 million (see Category 3B for link); (iii) No amount/estimate: 19 June 2020, the National Treasury updated the Manual for Instruction of Claims (MIP) to include specific guidelines and procedures under the Complementary Law No. 173/2020 that established the Federative Program to Combat Coronoavirus and altered the Fiscal Responsiblity Law (LRF) by waiving limits placed on "the Union, the States, the Federal District and Municipalities" in the event of a "public calamity"; (iv) 29 July 2020, Ministry of Economy announced the Aldir Blanc Law that provides amergency aid of BRL600 for people working in cultural establishments such as independent theaters, circuses, cinema clubs, cultural spaces in indigenous areas and popular festivals; total estimated expense is BRL3 billion.

(i) 29 May 2020, USD4.01 billion in loans from the French Development Agency (AFD), Inter-American Development Bank (IDB), World Bank, Development Bank of Latin America (CAF), German Development Bank (KfW), and New Development Bank (NDB) for emergency income support programs; these expenses have already been incurred by the Brazilian government.