Haitong Securities do Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A.

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1 Haitong Securities do Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A. Assets Current assets 157, ,538 Cash and cash equivalents Interbank investments 23,060 22,231 Money market 23,060 22,231 Securities and derivative instruments 64,649 50,374 Own portfolio 8, Subject to guarantees 55,782 49,412 Other receivables 69,119 34,227 Income receivable Trading Securities 67,739 29,301 Other 1,279 4,871 Other assets Prepaid expenses Long-term assets 18,426 28,645 Interbank investments 19,746 Interbank deposits 19,746 Other receivables 18,403 8,505 Other 18,378 8,505 Trading Securities 25 Other assets Prepaid expenses Permanent assets Property and equipment Property 3 3 Other fixed assets for own use 1,283 1,713 (Accumulated depreciation) (555) (1,112) Intangible assets Intangible assets (Accumulated amortization) (219) (159) Total 177, ,983 CNPJ: / Av. Brigadeiro Faria Lima, th floor - São Paulo - SP Ombusdman: MANAGEMENT REPORT To our Stockholders, We hereby submit for your appreciation the financial statements of Haitong Securities do Brasil Corretora de Câmbio, Títulos e Valores Mobiliários S.A. for the six-month period ended June 30, 2016, including the notes to the financial statements and the Independent Auditors Report, prepared in accordance with the Brazilian Corporate Law and the standards of the Central Bank of Brazil. São Paulo, August 31, 2016 Directors BALANCE SHEETS JUNE 30, 2016 AND 2015 INCOME STATEMENTS SIX-MONTH PERIODS ENDED JUNE 30,2016 AND 2015 (In thousands of Reais, except for the loss per share) Liabilities Current liabilities 77,734 35,042 Other payables 77,734 35,042 Taxes payable Trading Securities 72,469 32,578 Other 5,096 1,756 Long- term liabilities 11,098 8,350 Other payables 11,098 8,350 Taxes payable 11,098 8,350 Equity 88,330 93,591 Capital - Domestic 100, ,000 Retained losses (11,670) (6,409) Total 177, ,983 Financial operations income 8,083 7,358 Securities income 8,083 7,358 Profit from financial operations 8,083 7,358 Other operating income (expenses) (14,983) (10,888) Service fee income 5,551 6,639 Personnel expenses (9,633) (8,772) Other administrative expenses (8,100) (8,157) Tax expenses (1,031) (1,564) Other operating income 479 1,514 Other operating expenses (2,249) (548) Operating loss (6,900) (3,530) Nonoperation loss (6,900) (3,530) Profit before income taxes 3,025 1,330 Income tax (119) Social contribution 3 Deferred tax assets 3,025 1,446 Loss (3,875) (2,200) Number of shares 25,338,410 25,338,410 Loss per share for the period - in R$ ( ) ( ) 1

2 STATEMENTS OF CHANGES IN EQUITY SIX-MONTH PERIODS ENDED JUNE 30,2016 AND 2015 Earning reserves Capital Legal reserve Retained losses Total Balances as at January 01, ,000 (7,795) 92,205 Loss for the six-month period (3,875) (3,875) Balances as at June 30, ,000 (11,670) 88,330 Balances as at January 01, ,000 9,978 (14,187) 95,791 Other events: -Loss compensation (9,978) 9,978 Loss for the six-month period (2,200) (2,200) Balances as at June 30, ,000 (6,409) 93,591 STATEMENTS OF CASH FLOWS SIX-MONTH PERIODS ENDED JUNE 30, 2016 AND 2015 Operating activities Loss (3,875) (2,200) Adjusted loss (2,500) (778) Depreciation and amortization Other provision Tax credits (3,025) (1,446) (Increase)/Decrease in operating assets (56,146) 40,655 Interbank investments 8,501 Securities and Derivative Instruments (11,160) (2,391) Other receivables (46,148) 34,517 Other assets 1, Increase/(Decrease) in operating liabilities 49,741 (47,232) Other payables 49,741 (47,232) Net cash provided by/used in operating activities (12,780) (9,555) Acquisition of property and equipment (491) Acquisition in the intangible (40) Net cash used in investing activities (491) (40) Beginning of period 36,397 31,949 End of period 23,126 22,354 NOTES TO THE FINANCIAL STATEMENTS 1 GENERAL INFORMATION Haitong Securities do Brasil Corretora de Câmbio e Valores Mobiliários S.A. ( Company ) is direct subsidiary of Haitong Banco de Investimento do Brasil S.A. (Bank) became a direct subsidiary of Haitong Bank S.A. (new corporate name of Banco Espírito Santo de Investimento S.A.), headquartered in Lisbon (Portugal), whose operations are conducted within the context of a group of companies that operate together in the financial market, and certain operations of which are carried out or intermediated by related institutions, comprising the financial system, whose activities include the securities distribution and foreign exchange and securities brokerage. On August 12, 2015, the Central Bank of Brazil approved the transfer of the shareholding control of Haitong Banco de Investimento do Brasil S.A. and its subsidiaries Haitong Securities do Brasil CCVM S.A. and Haitong do Brasil DTVM S.A. to Haitong International Holdings Limited headquartered in Hong Kong, a wholly-owned subsidiary of Haitong Securities Co. Ltd, headquartered in Shanghai, China, under the terms and conditions of the purchase and sale agreement entered into with the New Bank in December The corporate structure of the Bank and its subsidiaries has not changed in Brazil, and they continued to be directly controlled by Haitong Bank S.A. Finally, the Central Bank of Brazil approved the change in the corporate names of the Bank and its subsidiaries on October 08, PRESENTATION OF THE FINANCIAL STATEMENTS The financial statements have been prepared in accordance with accounting guidelines issued by Law 6404/76 and amendments introduced by Law 11638/07 and by Provisional Measure 449/08 (transformed into Law 11941/09), for the accounting of operations, in connection with the rules and instructions of the National Monetary Council (CMN) and the Central Bank of Brazil (BACEN). The financial statements were approved by Management on August, 31, As part of the process of convergence with international accounting standards, certain accounting pronouncements and their interpretations were issued by the Brazilian Committee for Accounting Pronouncements (CPC), which are applicable to financial institutions only after approved by CMN. The accounting pronouncements which have already been approved by CMN include the following: a. Resolution 3566/08 - Impairment of Assets (CPC 01), b. Resolution 3604/08 - Statement of Cash Flows (CPC 03), c. Resolution 3750/09 - Related Party Disclosures (CPC 05), d. Resolution 3823/09 - Provisions, Contingent Liabilities and Contingent Assets (CPC 25), e. Resolution 3973/11 - Subsequent Events (CPC 24), f. Resolution 3989/11 - Share-Based Payment (CPC 10), g. Resolution 4007/11 - Accounting Policies, Changes in Accounting Estimates and Errors (CPC 23), h. Resolution 4144/12 - Framework (R1) and i. Resolution 4424/15 - Employee benefits (CPC 33). Presently, it is not practicable to estimate when CMN will approve the other CPC accounting pronouncements or whether their adoption, subsequent to approval, will be effective for future periods or applicable retroactively. As a result, it is not yet possible to estimate the accounting effects arising from the use of these pronouncements on the Company s financial statements. 3 SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES a. Income and expenses are recognized on the accrual basis. b. Current and noncurrent assets are stated at their realization value and, when applicable, including income accrued up to the balance sheet date, less the provision for losses, and adjusted at their market values, specifically in relation to the recording and accounting valuation of securities and derivative financial instruments classified fully in the category Negotiation Securities in accordance with that established by the BACEN Circular 3068 (see Note 5). c. Impairment of assets: An impairment loss is recognized if the book value of an asset or of a cash-generating unit exceeds its recoverable value. Impairment losses are recognized in the income for the period. The carrying value of non-financial assets, except other assets and tax credits, are reviewed once a year, at least, and when there is any indication of impairment loss. 2

3 d. Permanent assets are stated at cost, taking the following aspects into consideration: d.1. Depreciation of property and equipment is calculated using the straight-line method at the following annual rates: 4% for premises, 20% for communications systems, data processing systems and vehicles and 10% for furniture and equipment. d.2. Intangible assets are basically represented by software licenses. Their amortization is calculated using the straight line method over the term of their contracts. e. Current and noncurrent liabilities are measured at their known or estimated values, plus, when applicable, the charges and monetary variations (on a pro rata basis) and foreign exchange changes incurred. f. Provisions, contingent liabilities and legal liabilities are recognized, measured and disclosed in accordance with the criteria defined by CPC 25 (see Note 10), approved by the CMN Resolution 3823: f.1. Provisions: recognized taking into consideration the opinion of legal advisors, the nature of the lawsuits, similarity with previous cases, complexity and positioning of the courts, whenever the loss is evaluated as probable, which would cause a probable outflow of funds for the settlement of liabilities and when the relevant amounts are reliably measured; f.2. Contingent liabilities: according to CPC 25, contingent refers to liabilities whose recognition will depend on whether one or more future and uncertain events that are beyond the Management s control occur or not. Contingent liabilities do not meet the recognition criteria since they are assessed as possible losses, and they must only be disclosed in the notes to the financial statements when relevant. Contingent liabilities assessed as remote are not recognized nor disclosed; and f.3. Legal obligations - Provision for tax risks: result from lawsuits, which are being challenged on the grounds of legality or constitutionality, which, regardless of the assessment of the probability of a favorable outcome, are fully recognized in the financial statements. g. Provisions for Income Tax (IRPJ), Social Contribution (CSLL), PIS (tax on revenue) and COFINS (tax on revenue) are calculated at the rate of 15% plus a 10% surtax above a certain limit, 15% through August 31, 2015, 0.65% and 4%, respectively, considering for tax base purposes,the legislation applicable to each tax (see Note 7 a for Income Tax and Social Contribution). Law 13169/15, amending Law 7689/88, raises the social contribution rate to 20% of profit from September 1, 2015 to December 31, Beginning January 1, 2019, the rate will be 15% again. The Bank also complies with the accounting practice of recognizing income tax and social contribution tax credits, calculated on tax losses and temporary additions, at the same effective tax rates applied in the recognition of the provision (see Note 7 b ). Such tax credits are recognized for accounting purposes based on current expectations for realization, considering the technical studies and analyses conducted by Management. h. The financial statements, in accordance with accounting practices adopted in Brazil, include some line items whose amounts are determined using estimates based on past experience, legal and business environment, likelihood of occurrence of events subject or not to Management s control, etc. These estimates are reviewed at least annually, so as to determine amounts that approximate the future settlement amounts of the assets or liabilities considered. 4 CASH AND CASH EQUIVALENTS Cash and cash equivalents, in accordance with CMN Resolution 3604/08, include cash on hand, bank deposits, and highly liquid short-term investments with insignificant risk of change in value and limits and maturity equal to or below 90 days. Cash and cash equivalents reported in the Statements of Cash Flows, comprise: Six-Month period ended June 30 Cash and cash equivalents Money market 36,229 1,871 - Interbank deposits 30,013 Beginning of period 36,397 31,949 Cash and cash equivalents Money market 23,060 22,231 End of period 23,126 22,354 5 INTERBANK INVESTMENTS The securities was classified as Trading Securities with their value corresponding to their market value as on the balance sheet date. The market value was obtained through the collection of prices on the market as on the balance sheet date. In case there is no liquidity or price quotation to calculate the market value of a certain security, the values are estimated based on dealer quotations, pricing models or price quotations for securities that present similar features. The negative adjustment obtained for the trading securities in the amount of R$ 173 ( R$ 780 negative) was recorded in a specific account in the statement of income. We demonstrate the composition of securities classified in the group Underlying guarantee provided, as following: June 30, 2016 June 30, 2015 Composition Book Value Cost Value Book Value Cost Value Own Portfolio 8,867 8, Public securities - L.F.T. 8,867 8, Underlying guarantee provided 55,782 55,954 49,412 50,176 - Public securities - L.F.T. 1,628 1,626 - Public securities - L.T.N. 55,782 55,954 47,784 48,550 Total 64,649 64,822 50,374 51,154 In 2016, the Portfolio had LTN from 1 to 3 years. In 2015, the Portfolio had following dates: LFT, until 1 year and LTN, from 1 to 3 years. 6 OTHER RECEIVABLES AND OTHER PAYABLES a. Trading Securities: represented by the operations with shares, commodities and financial assets performed on BM&F Bovespa S.A. for the third parties and related parties which financial settlements occur until the third business day following the balance sheet date, as below: a.1. Asset: Cash registration and settlement R$ 4,554 (2015 R$ 4,931), Debtors for pending settlement R$55,932 (2015 R$ 24,317), Operations with financial assets, commodities to settle R$ 7,251 (2015 R$ zero) and Swap Intermediation R$ 27 (2015 R$ 53). a.2. Liability: Creditors for pending settlement R$ 72,469 (2015 R$ 27,421) and Operations with financial assets and commodities to settle R$ zero (2015 R$ 5,157). b. Other receivables - Sundry - Composed for other advances and advances on salary R$ 233 (2015 R$ 227), payments to be reimbursed R$ 123 (2015 R$ 171), taxes to offset R$ 657 (2015 R$ 1,089), taxes credits (see Note 7 b ) R$ 7,582 (2015 R$ 3,295), Judicial deposits (see Note 9 a ) R$ 10,796 (2015 R$ 8,505) and sundry debtors - domestic R$ 266 (2015 R$ 89). c. Other payables - Tax and Social Security - Composed of provision tax and contributions from the R$ 506 (2015 R$ 494), tax to pay R$ 139 (2015 R$ 214) and provision for tax risks (see Note 9) R$ 10,622 (2015 R$ 8,350). d. Other payables - Sundry - Composed of provision for payments of administrative and personnel expenses R$ 2,392 (2015 R$ 1,409), provision credit risks R$ 2,549 (2015 R$ 302) and sundry creditors R$ 155 (2015 R$ 45). 7 INCOME AND SOCIAL CONTRIBUTION a. Statement of calculation of income tax (IRPJ) and social contribution (CSLL) Six-month period ended Income Social Income Social tax Contribution tax Contribution Income before taxes and profit sharing (6,900) (6,900) (3,530) (3,530) Additions and deductions from the calculation of taxes: 2,661 2, Non-deductible expenses Non-deductible provisions 2,951 2, Market-to-market - securities and derivatives (468) (468) Others additions and deductions (218) (332) Tax loss of IRPJ and negative base of CSLL (4,239) (4,239) (2,551) (2,665) Supplementation of deferred tax credits 1,680 1, Adjustment for prior periods (123) Reversal of deferred tax on market-to-market securities and derivatives 4 3 Income tax and social contribution expenses 1,680 1,

4 b. Deferred income and social contribution: Realization Dec 31, 2015 Recognition and/or reversal Jun 30, 2016 Tax loss of IRPJ 849 1,060 1,909 Negative base of CSLL ,740 Provision for tax risks 2, ,245 Other tax receivable 741 1,188 (241) 1,688 Total in ,557 3,266 (241) 7,582 Total in ,849 1,555 (109) 3,295 The income and social contribution tax credits amounted to R$ 7,582 (2015 R$ 3,295), accounting for 8.5% ( %) of the ending shareholders equity. The recognition of these tax credits is based on the expectation of generation of future taxable income and it s according with the article 1st by Resolution CMN 3059 of December 20, 2012 (new wording by resolution CMN 3555 of March 03, 2006) which takes in considerating the history of profitability in at least three of the last five years and the expectation of generation of profits in subsequents period and corresponding that alow the realizations these tax credits on the maximum deadline of ten years, supported for technical study. Additionally, the maintenance of register of tax credits was subject to change of control described on the note 1, as set out in paragraph 4 of that Article. The balance of tax credit existing in June 30, 2016, after review of the technical study, Management estimates that the realization will occur in nine years, according folow: 0.1% in first year, in the second year, 17.6%, 6.6% in the third year, 5.8% in the fourth year, 37.2% in the fifth year, 9.9% in the sixth year, 12.1% in the seventieth year, 7.9% in the eighth year and 2.8% in the ninth year. On the balance sheet date, there is not recorded tax credits and the present value of the tax credits calculated based on the Selic rate amount to R$ 6, EQUITY a. Capital - Composed of 25,338,410 nominative shares, 12,809,890 of which consisting of common shares and 12,528,520 consisting of preferred shares, with no par value. b. Dividends - The Company s by-laws establishes the minimum dividend of 25% of the annual profit, adjusted as provided in Article 202 of the Brazilian Corporate Law.As for the preferred shares dividends are fixed at a value at least 10% higher than the value assigned to common shares, in accordance with item I, Article 17 of Law 6404/76, as amended by Law 9457/97. 9 PROVISIONS, CONTINGENT LIABILITIES AND LEGAL-TAX OBLIGATIONS The Company, in the ordinary course of business is part to lawsuits of tax, social security, labor and civil nature. The respective provisions for risks were recognized based on the prevailing law, the opinion of the legal counsel, the nature and complexity of lawsuits, the former court rulings, loss history and other criteria that enable Management to estimate the probable cash outflow amount as reliably as possible. a. Legal obligations: Legal obligations refer to amounts payable related to tax liabilities, whose legality our constitucionality is being challenged in courts, with emphasis on: a.1. payment of taxes on revenue (PIS and COFINS), ruling out of the Article 3 of Law 9718, which established the inappropriate extension of such tax basis, whose provision and corresponding escrow deposit totaled R$ 7,191 (2015 R$ 4,918) and R$ 7,146 (2015 R$ 4,873), respectively. Both the legal obligation and the scrow deposit were adjusted based on the the Selic rate variation. As at December 31, 2015, the provision totaled R$ 6,376, which was increased during the six-month period by new obligations of R$ 377 (2015 R$ 437) and inflation adjustment of R$ 438 ( R$ 81), reaching the final balance of R$ 7,191, which amount fully supports the risk arising from these obligations. a.2. lawsuit whose purpose is the declaration of nonexistening legal relationship resulting from Law 7689/88, disengaging the tax liability of payment of Social Contribution which it gives rise, which provision and judicial deposits corresponding were R$ 3,431 (2015 R$ 3,431) and R$ 3,493 (2015 R$ 3,493), respectively. These legal obligations are recognized in Provision for tax contingencies group Other payables - Tax and Social Security (see note 6 c ) and existing judicial deposits are recorded under Debtors for guarantee deposits the group Other receivables (see note 6 b ). b. Contingent Liabilities: The Company had the following contingencies in discussion at the administrative level, and were assessed as possible loss by out legal counsel, being not necessary its provision: b.1. collection of income tax and social contribution about restatement of equity securities of the Stock and CETIP in the amount R$ 18,635; b.2. collection of PIS and COFINS of profit on the sales of shares of Stocks and CETIP in the amount R$ 29,492. b.3. other social security contingencies (R$ 59) related the incidence social security contribution about non-compensatory amounts which the Company understand doesn t part of contribution salary, tax (R$ 83) which discusses the deductibility of expenses on social contribution tax bases and the base year 2006 and labor contingencies (R$ 1,885) represented by lawsuits brought by former employees seeking seek compensation for alleged labor rights. At the beginning of 2015, the Company gave up of the processes under discussion at the administrative sphere, and joined the payment program in view of the amounts owed to the National Treasury for the income tax and social contribution arising from occurred capital gain until December 31, 2008 by the merger of Bovespa SA in the new exchange BM&F Bovespa SA, mentioned in art. 42 of Law No of November 13, 2014 and its new wording of art. 145 of Law No of January 19, It is the understanding of management and our legal advisors that the calculations and the corresponding amount paid R$ 15,249 were approved by the Federal Revenue of Brazil. 10 RELATED-PARTY TRANSACTIONS a. The transactions are shown as follows: Assets/(Liabilities) Income/(Expenses) Money market funding Investimento do Brasil S.A. Controlling 23,060 41,476 2,278 2,585 Exchange purchase payables and receivables Investimento do Brasil S.A. Controlling (1,129) Debtors (Creditors) Investimento do Brasil S.A. Controlling (8,228) 3,712 Brokerage Investimento do Brasil S.A. Controlling Haitong do Brasil DTVM S.A. Related Party 23 - Haitong Bank S.A. (Lisbon) Controlling Receivable - Haitong Securities (UK) Limited Related Party b. Compensation of key Management personnel totaled R$ 474 in the six-month period of 2016 (2015 R$ 322). The Company does not offer long-term benefits, benefits related to termination, or share-based compensation to its key Management personnel. 4

5 11 OTHER INFORMATION a. Basileia: the capital management according to Basileia is done in the group of the companies involved in the Haitong in Brazil, as permitted by the Central Bank of Brazil. b. Risk Management: market, liquidity, credit and operational risk management and control are done in a structure in leader institution of conglomerate Haitong in Brazil, of integrated and independent way, involving the group of companies comprising this group. c. In June 30, 2016 and 2015 there was not operations of derivatives opened. d. Service revenue: composed of brokerage and custody fees resulting of operations in Stock Exchange R$ 4,138 (2015 R$ 5,831), fee received of shares taken as a loan R$ 431 (2015 R$ 493), fee services received abroad R$ 87 (2015 R$ 12), fee for placement of securities R$ 33 (2015 R$ 26), service of management of Investment Club R$ 30 (2015 R$ 74), services of intermediation of Investment Funds R$ 67 (2015 R$ 39) and technical assistance R$ 765 (2015 R$ 164). e. Personnel expenses: composed by key Management personnel R$ 474 (2015 R$ 322) (see Note 10 b ), benefits R$ 929 (2015 R$ 863), social charges R$ 2,297 (2015 R$ 2,083) and payroll R$ 5,933 (2015 R$ 5,504). f. Other administrative expenses: composed basically of communications R$ 1,831 (2015 R$ 2,012), rent and building fees R$ 355 (2015 R$ 480), third-party services R$ 2,046 (2015 R$ 3,170), system services R$ 360 (2015 R$ 493), Specialized technical services R$ 2,254 (2015 R$ 586), data processing R$ 613 (2015 R$ 549), promotions and public relations R$ 151 (2015 R$ 208), legal publications R$ 20 (2015 R$ 21), travel R$ 92 (2015 R$ 145) and depreciation and amortization R$ 140 (2015 R$ 227). g. Tax expenses: composed basically of PIS R$ 91 (2015 R$ 107), COFINS R$ 562 (2015 R$ 658), IPTU R$ 22 (2015 R$ 20), ISS R$ 300 (2015 R$ 354), CVM inspection fee R$ 47 (2015 R$ 12). h. Other operating income: composed basically of reimbursement of attorneys fees and court costs related arbitration R$ 413 (2015 R$ zero), provision for tax risk R$ zero (2015 R$ 333), financial income R$ 98 (2015 R$ 43) and reimbursement of taxes R$ zero (2015 R$ 951). i. Other operating expenses: composed mainly of complement of provision for tax risk R$ 2,073 (2015 R$ 112) and personnel reductions R$ 171 (2015 R$ zero). DIRECTORS Álvaro Luis Pontieri Costa Maia Carlos José Caetano Guzzo Pedro Miguel D Aboim Inglez Lopes da Fonseca ACCOUNTANT Marcos Tetsuo Takeda - CRC-1SP /O-1 INDEPENDENT AUDITORS REVIEW REPORT (Convenience Translation into English from the Original Previously Issued in Portuguese) To the Management and Shareholders of Haitong Securities do Brasil Corretora de Câmbio e Valores Mobiliários S.A. São Paulo - SP We have audited the accompanying financial statements of Haitong Securities do Brasil Corretora de Câmbio e Valores Mobiliários S.A. ( Company ), which comprise the balance sheet as at June 30, 2016 and the income statement, statement of changes in equity, and statement of cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting practices adopted in Brazil applicable to entities authorized to operate by the Central Bank of Brazil ( BACEN ), and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Brazilian and international standards on auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation and fair presentation of the Company s financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Haitong Securities do Brasil Corretora de Câmbio e Valores Mobiliários S.A. as at June 30, 2016, and its financial performance and its cash flows for the six-month period then ended in accordance with accounting practices adopted in Brazil, applicable to entities authorized to operate by the Central Bank of Brazil ( BACEN ). Emphasis As described in Note 7.b, the Company has recorded tax credits are based on Article 1, paragraph 4 of the Resolution of the Central Bank of Brazil - BACEN 3355 of March 31, 2006 which amending Resolution 3059 of 2002, which deals with the accounting of tax credits from financial institutions and other institutions authorized to operate by the Central Bank of Brazil, which allows newly formed institutions or had change of control, as described in Note 1, involving a history of losses arises from its previous phase, do not apply the provisions of section I, which states that financial institutions and other institutions authorized to operate by the Central Bank of Brazil may only make the accounting of tax credits arising from tax losses of income tax, negative base of social contribution on net income and those arising from temporary differences when they met, in addition to other criteria, historical profits or taxable income for income tax and social contribution purposes, at least three of the last five years. Our opinion does not contain caveat related to this issue. Other matters Audit of corresponding figures in the prior period The corresponding figures for the six-month period ended June 30, 2015, presented for purposes of comparison, were previously audited by another auditor, whose report thereon, dated August 26, 2015, contained an emphasis of matter with respect to the general information and corporate restructuring, as described in note 1 to the financial statements. The accompanying financial statements have been translated into English for the convenience of readers outside Brazil. Original report in Portuguese signed by DELOITTE TOUCHE TOHMATSU Auditores Independentes CRC nº 2 SP /O-8 São Paulo, September 1, 2016 Francisco Antonio Maldonado Sant Anna Accountant CRC nº 1 SP /O-8 The Financial Statements were published in the DCI - Diário Comércio Indústria & Serviços edition of September 2,