When trading in Brazilian Financial Markets, the non-resident investor is subject to the following taxation:

Operation	Tax rate
Capital gains	Exempt
*Distributed profit and dividend	Exempt
*Interest on capital	15%
*Earnings from fixed income and other earnings	15%
*Investment in equity funds and sawps	10%

Trandding Desk Gradual or Investment Adviser

Customers wishing to have the support and direct guidance of our investment advisers can send purchase orders and sales by phone or by our offices and subsidiaries.
Check the values:

Volume traded	Brokerage charged
Up to R$ 135,07	R$ 2,70
R$ 135,08 up to R$ 498,62	2%
R$ 498,63 up to R$ 1.514,69	1,50% + R$ 2,49
R$ 1.514,70 up to R$ 3.029,38	1,00% + R$ 10,06
Above R$ 3.029,39	0,5% + R$ 25,21

Warning! In case of unavailability of Home Broker you can submit orders by the Trading Desk Gradual paying brokerage of R$ 20.00* (per order run independent of the trading volume).

* For the clients of advisers 258, 275, 321, 322, 323, 324, 325, 327, 328, 329, 337, 338, 339, 345, 349, 350, 389, 391, 346, 333, 334, 390, 335 , 336, 347 brokerage fee charged is variable, according to figures from the Bovespa table shown above.


Commodities and Futures

In the operations performed on the BM&F for full contracts, brokerage is calculated on the basis of the Basic Operating Rate (TOB) as table disclosed by BM & F.

In operations for WebTrading are charged fees of R$ 2.00 to Day Trade and R$ 4.00 for position.