The Committee of the Investment Partnership Program of the Presidency (“PPI”), by means of Resolution No. 14 of August 23, 2017 ("Resolution 14"), published on August 29, 2017, issued an opinion favorable to the inclusion within the scope of the PPI of (a) certain federal public projects for the transportation sector as well as (b) certain privatization activities.

The aim of the Federal Government with this measure is to:

(i) Expand investment opportunities in the country and encourage national economic development, in particular by means of actions focused on expanding and improving public infrastructure, especially logistics and transportation services; and

(ii) Increase the quality of public infrastructure and to grant to relevant projects the priority treatment set forth in the legislation.

With regard to the port sector, Resolution 14 includes the following areas:

(i) Port of Vila do Conde/PA – Terminal VDC12, for liquid bulk handling;

(ii) Port Complex of Belém/PA – Terminal BEL02-A, for liquid bulk handling; Terminal BEL02-B, for liquid bulk handling; Terminal BEL04, for liquid bulk handling; BEL08 terminal, for liquid bulk handling; and Terminal BEL09, for liquid bulk handling;

(iii) Port of Vitória/ES - TGL – Capuaba Terminal, for liquid bulk handling;

(iv) Port of Paranaguá/PR – Terminal PAR07, for solid bulk handling; Terminal PAR08, for solid bulk handling; and Terminal PARXX, for solid bulk handling;

(v) Port of Itaqui/MA – Fertilizer Terminal, for early extension of lease (Article 57, Law No. 12,815/2013);

(vi) Port of Suape/PE – Solid Bulk Terminal (Agrovia do Nordeste Terminal), for authorization of new investments.

In addition to the above-mentioned areas, Resolution 14 includes the possibility to perform an onerous transfer of the following areas in the Port of Belém/PA: (i) MIR01, for liquid bulk handling; (ii) BEL05, for liquid bulk handling; and (iii) BEL06, for liquid bulk handling.

Finally, privatization measures related to Companhia Docas do Espírito Santo (Codesa) were recommended for the consideration of the Brazilian President as well as a recommendation for the appointment of the National Bank for Economic and Social Development (BNDES) as being the responsible entity for executing and monitoring the project.

The estimated scheduling of the auctions for the projects referred to above is expected to occur between the first and third quarters of 2018.