(Amounts in thousands of Brazilian reais – R$, unless otherwise stated)

On October 1^st, 2009, the Central Bank of Brazil (BACEN) concluded an analysis of the payment card industry in Brazil, and the technical teams of BACEN, the Department of Economic Rights (SDE) of the Ministry of Justice and the Economic Monitoring Department (SEAE) of the Ministry of Finance will submit to the three Ministers a set of measures to be adopted to meet the recommendations of the study on the following points:

• Opening of accreditation activities.
• Networks and POS (transaction capture terminal) interoperability.
• Neutrality of clearing and settlement activities.
• Strengthening of domestic credit card systems.
• Transparency in defining the exchange fee.

These measures' implementation schedule will be defined by authorities. Concurrently, regulators are discussing other measures that, after being submitted to the Ministers, will be sent to different agencies, depending on their scope.