European Company Copyright 2005 Italplan Engineering, Environment & Transports S. p. A. Italy - All Rights Reserved

www.italplan.com European Company Copyright 2005 Italplan Engineering, Environment & Transports S. p. A. Italy - All Rights Reserved

Who We Are Italplan is an Italian engineering company in depth experience in the field of high speed railway transportation; its staff have contributed to the development of the Italian high speed train.

Rio de Janeiro - São Paulo High Speed Railway Line TBB BRAZILIAN HIGH SPEED RAILWAY LINE

General Information Rio de Janeiro Population: 6.119.800 Metropolitan Area : 11.437.100 São Paulo Population 10.195.000 Metropolitan Area 18.847.400

General Information about the 2 States SAO PAULO The two States: represent 45% of the Brazilian gross domestic product (gdp) have the greatest population density: 67.8 Persons/Km 2 have 50.8% of the Brazilian industries

Current Connections Road Airplane

Main Problems Automobile Bus Airplane Travelling Time (h) 6 7 2* Maximum transport capacity (persons) 5 75 120 Parking Stations Location Airports Location Integration with other means of transport *Included check in and landing proceedures Traffic, Lack of Safety, Pollution, Meteorological Dependence

High Speed Railway Line The Solution Reliability and Rapidity Safety Greater Transport Capacity for Passengers and Express Goods Good Value for Passengers

Competitiveness of train compared to others means of transports Rio de Janeiro - São Paulo (one way) Costs US $ 24,00 (R$ 70) Passengers 75 with 11 daily travel Time 6 hours Costs US $ 56,38 (R$ 163,50) Passengers 4 5 Time 5 hours Costs US $ 117 (R$ 319) Passengers 120 every 30 Time 2 hours Costs US $ 39,00 (R$113,10) Passengers 855 every 15 Time 1h 25

High Speed Railway Line Why? Offers: High Impact on Socioeconomic Development High Absorption of Transport Demand High Labour growth during the construction period (about 140.000 employees) Creation of new jobs Direct (1.710 employees) Indirect (thousands) Possible re-employment of specialized workers laid off from other transport companies

High Speed Railway Line Why? Offers: Creation of new enterprises Creation of new professional figures High Social Integration Transport at popular and value added fare High energetic economization Low level of air and noise pollution Low environmental impact compared to others systems of mass transport

Train Attractiveness 100% 80% 60% 40% 20% 0% 0 250 350 450 550 650 750 850 950 Km The distance of 403 Km between Rio de Janeiro and São Paulo is placed in the attractiveness band of the train

Transport Demand Future Traffic in the new high speed railway line Passengers interested into Rio de Janeiro São Paulo railway line within the first year of operation: 32,592,785 passengers / year Analysis based on the gdp: 2004-2045 gdp growth (project s data): 1% year 1984-2003 gdp growth (historical data): 1,9% year Source: IBGE, IADB, FMI

Transport Demand Annual growth of the high speed railways in Europe Billion of Passengers - Km 63 60 57 54 51 48 45 42 39 36 33 30 27 24 21 18 15 12 9 6 3 0 Source: UIC (Union International Chemin de Fer) 52,7 8% 48,5 Decennial Growth: 3,03 21,6 33% 0,1 2 0,4 26,5 1,1 1,2 0,5 0,95 0,4 8,2 8,7 5,2 7 0,9 1,1 0,6 0,75 23% 28,9 9% 32,1 11% 32,9 3% 37,4 14% 42,3 13% 11,6 10,25 1,3 1,1 9,3 4,4 3,64 8,9 2,4 1,3 2,06 13,86 5,06 34,66 32,2 30,64 27,2 24,8 21,9 19,1 20,3 20,2 21,4 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 0,09 0,07 1,5 1,3 15% 0,12 0,19 0,08 1,54 1,54 0,15 0,04 0,09 0,2 1,7 1,8 59,2 12% 0,3 0,2 0,1 0,2 2,16 65,4 10% 0,22 0,3 0,2 0,1 2,06 15,46 6,75 37,36 FRANCE SNCF ITALY FS GERMANY DB SWEDEN SJ SPAIN RENFE BELGIUM SNCB HOLLAND NS NORWAY NSB FINLAND VR SWITZERLAND SBB

Transport Demand Annual planned growth for the high speed railway Billion of Passengers - Km 35 30 25 20 15 13,4 10 5 0 14,2 15,0 15,9 16,8 17,7 18,7 19,8 20,9 22,1 23,4 Annual Growth 6% 30,8 31,4 27,4 27,9 28,5 29,1 29,6 30,2 26,3 27,7 28,2 28,8 29,3 29,9 30,5 31,1 31,732,1 32,4 24,7 26,6 26,927,1 26,1 Annual Growth 1% TAV Rio de Janeiro São Paulo 2011 2013 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045 Year

Transport Demand Annual planned growth for the high speed railway Data Source: ANTT 100,0% 93,7% 80,0% 60,0% 51,0% 40,0% 26,0% 23,0% 20,0% 1,9% 4,9% 0,0% Bus Automobiles Airplane Transcorr (1997) 51,0% 26,0% 23,0% Current (2002) * 1,9% 93,7% 4,9%

Transport Demand Annual planned growth for the high speed railway Historical Annual Growth of the Region: Years 2001 2003 Nova Dutra + 36,48% Data Source: ANTT Automobiles/Year in 10^6 80,00 68,61 60,00 40,00 49,77 50,27 20,00 2,40 0,00 1996 1997 1998 1999 2000 2001 2002 2003

Traced Route New Railway Line

Traced Route Satellite Map Rio de Janeiro Railway Traced Route São Paulo Longitudinal Profile

Environmental Impact The Project complies with major international environmental standards.

Technical Data of the Project TBB BRAZILIAN HIGH SPEED RAILWAY TRAIN Line 403 Km Intermediate Stops none Commercial Speed 285 Km/h Travelling Time 85 min. Frequency every 15 minutes Passengers 855 per Train Trains per day (Initials) 110 Numbers of Track 2 Minimum Ray of the Curve urban route 5.000 m Minimum Ray of the Curve extra-urban route 25.000 m Maximum Line Gradient 25 Minimum Ray of the vertical Curve 35.000 m

Hub Match in Time of Different systems of transport Rio de Janeiro Central do Brasil Station Luz Station São Paulo

Safety The project complies with the major international standards of construction and safety adopted by European laws. SECÇÃO TRANSVERSAL A-A' CROSS SECTION A-A' The project adopts the European safety system ERTMS providing the train s circulation, which SECÇÃO TRANSVERSAL B-B' CROSS SECTION B-B' allows a train running behind another at 300 Km/h every 2 minutes and 30 seconds. 300 Km/h 300 Km/h TBB 2 TBB 1 T = 2 30

Construction Costs Million US $ Kind of work 1 year 2 year 3 year 4 year 5 year 6 year 7 year Total Expropriation 150 150 300 Main office (roadway) 205 200 200 215 220 150 1.190 Tunnels 300 500 500 500 500 200 2.500 Bridges and viaducts 250 400 500 500 135 100 1.885 Landscape and environment 50 100 50 200 Equipment (permanent way) 100 100 155 150 150 655 Technological services 10 30 60 60 35 10 205 Electrification 50 80 80 100 100 410 Total cost of infrastructure 905 1.360 1.380 1.510 1.195 835 160 7.345 Railway stations 40 60 100 100 60 20 20 400 Dynamic inst. and Maintenance 20 20 30 50 50 30 200 Rolling stock 82 82 82 82 82 82 82 574 Total amount 1.027 1.522 1.582 1.722 1.387 987 292 8.519

Distribution of Construction Costs Construction Costs 74% 7% 14% 5% Infrastructure Stations Systems Rolling Stock

Total Project Cost EPC Costs 8,519,000,000 US$ Technical variants + Engineering 423,830,00 US$ Safety Equipment 85,190,000 US$ Total 9,028,020,000 US$ Expected Term of the Concession is of 42 years of which 7 Construction 35 Operation

Financing Structure The financing structure provides 6 tranches: Tranche 5; 2.059.793.975 Tranche 6; 761.617.104 Tranche 1; 4.167.899.142 Tranche 4; 2.839.280.815 Tranche 3; 3.492.101.043 Tranche 2; 4.327.916.792 Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5 Tranche 6

Financing Structure The financing structure is based on the following hypothesis : 87,94% 12,06% Financing Equity

Debt Structure WAYS AND TIMING OF FINANCING THE WORKS (Million US $) YEAR EQUITY AMOUNT INVESTOR I 1.088,3 SH. SPV YEAR II DEBT AMOUNT 1.590,9 LENDER BNDES III 1.652,0 BNDES YEAR IV DEBT AMOUNT 1.792,00 LENDER FINANCIAL INSTITUTIONS V VI VII 1.457,00 FINANCIAL INSTITUTIONS 1.057,00 FINANCIAL INSTITUTIONS 390,83 FINANCIAL INSTITUTIONS NOTES: THE INTERNATIONAL BANKING INSTITUTIONS MAY PARTICIPATE INTO THE FINANCING OF THE IV, V, VI E VII YEAR ADVANTAGES: AT THE END OF THE THIRD YEAR, THE 48,5% OF THE WORKS SHALL BE ACCOMPLISHED, (THE 56,9% OF THE CIVIL WORKS). THE FINANCING OF THE LAST FOUR YEARS ALLOWS THE FINANCIAL INSTITUTION TO STRONGLY REDUCE THE LEVEL OF THE UNDERTAKEN RISK. NOTES: BNDES: National Bank of the Socioeconomic Development of Brazil

Sources of the Work s Financing Potential Lenders BNDES Fin. Inst. year 6 11,71% Fin. Inst. year 5 16,14% Fin. Inst. year 7 4,33% Equity sh. SPV year 1 12,05% Fin. Inst. year 2 17,62% IFC IADB EIB International and Brazilian Banks Fin. Inst. year 4 19,85% Fin. Inst. year 3 18,30% Export Credit Agencies (Eximbank,SACE, etc.) Investment and Pension Funds

Debt Structure Annual Rate BNDES 14,75 % Annual Rate other Loans 10,00 % Amortizations 16 years (from the year 1 of operation) Financial Total Costs 17,648,608,870 US$ of which Financing 7,939,750,000 US$ IDC (2007-2012) + Interests (2013-2018) 9,708,858,870 US$ Positive Rating of Credit of Brazil as: Foreign Currency : B+/Stable/B Local Currency: BB/Stable/B National Scale Rating: braa/stable- Source: Standard & Poor s

Income 2013-2018 in US$ The project revenues include: Express Goods; 1.222.055.035 Services: Optical Fibres Advertising Services; 2.866.426.087 Internet and Wi-Fi Catering Commercial Rent of the stations Tickets; 8.653.226.651

Operating Costs The expected operating cost for the first operative year - 2013: 185,047,966 US$ 22,72% 8,17% 7,13% 61,98% Maint. Line Maint. Trains Labour Costs Electricity

Debt Reimbursement Plan The debt (comprehensive of the capitalized interests) shall be reimbursed as follows: Adquired capital amortization Million US $ Fixed Interest Rate: BNDES 14,75% OTHER 10% Year Installment Total Balance Original Debt % reimbours. Original Debt Intersts Reimbours. Original Debt remainder 2013 0,00 0,00 0,00 0,00 0,00% 17.648,61 2014 799,27 601,77 197,50 197,50 1,12% 17.451,11 2015 1629,23 1195,45 433,78 631,28 3,58% 17.017,33 2016 2183,01 1466,53 716,48 1347,76 7,64% 16.300,85 2017 2633,26 1640,88 992,38 2340,14 13,26% 15.308,47 2018 2959,90 1706,33 1253,57 3593,71 20,36% 14.054,90 2019 3080,68 1613,31 1467,37 5061,07 28,68% 12.587,54 2020 3080,68 1418,19 1662,49 6723,56 38,10% 10.925,05 2021 3080,68 1196,10 1884,58 8608,14 48,78% 9.040,47 2022 3080,68 943,16 2137,52 10745,66 60,89% 6.902,95 2023 3080,68 654,87 2425,75 13171,41 74,63% 4.477,20 2024 2281,41 382,80 1898,66 15070,08 85,39% 2.578,53 2025 1451,45 201,60 1249,86 16319,94 92,47% 1.328,67 2026 897,67 96,81 800,92 17120,86 97,01% 527,75 2027 447,42 34,11 413,29 17534,15 99,35% 114,46 2028 120,78 6,29 114,46 17648,61 100,00% 0,00

Financial Economical Data Million US $ INCOME STATEMENT Revenues from Tickets Sales, Goods and Services Opex (Depreciation & Amortization) (Interest Expenses) Interest on deposit (Taxes) Net Income 2013 2014 2015 2016 2017 2018 2019 2020 2.157,25 2.295,76 2.537,83 2.696,75 3.054,11 3.244,41 3.460,96 3.677,20 185,05 196,63 408,45 417,21 426,29 441,10 449,63 455,98 407,97 407,97 407,97 407,97 407,97 407,97 407,97 407,97 1.647,73 1.847,98 1.954,34 1.952,10 1.891,08 1.775,57 1.613,31 1.418,19-181,01 306,61 364,77 385,72 394,99 379,46 362,99 199,55 212,36 234,75 257,18 378,51 458,94 565,09 790,33-283,04-188,17-161,07 27,06 335,97 555,82 804,41 967,72 CASH FLOW Unlevered Cash Flow 1.610,56 2.042,47 2.188,43 2.377,74 2.604,68 2.724,17 2.809,88 2.777,99 DEBT REPAYMENT Debt repayment (capital + interest) 799,27 1.629,23 2.183,01 2.633,26 2.959,90 3.080,68 3.080,68 DIVIDENDS PAYMENT Dividends % pay out / earnings - - - - - - - 0% 0% 0% 0% 0% 0% 0% Payment residual Available Cash

Financial Economical Data Million US $ INCOME STATEMENT Revenues from Tickets Sales, Goods and Services Opex (Depreciation & Amortization) (Interest Expenses) Interest on deposit (Taxes) Net Income 2021 2022 2023 2024 2025 2026 2027 2028 3.907,17 4.397,05 4.671,14 4.962,60 5.362,49 5.532,51 6.001,38 6.197,45 467,10 478,73 777,31 783,08 791,38 813,08 825,72 839,19 407,97 407,97 407,97 407,97 407,97 407,97 407,97 407,97 1.196,10 943,16 654,87 382,80 201,60 96,81 34,11 6,29 355,25 345,95 366,21 338,27 400,48 431,82 485,47 608,55 942,39 1.202,51 1.310,01 1.496,63 1.723,48 1.824,53 2.035,92 2.154,18 1.248,86 1.710,62 1.887,19 2.230,40 2.638,54 2.821,94 3.183,12 3.398,35 CASH FLOW Unlevered Cash Flow 2.835,58 3.023,21 2.950,38 2.999,98 3.210,81 3.311,96 3.583,30 3.787,50 DEBT REPAYMENT Debt repayment (capital + interest) 3.080,68 3.080,68 3.080,68 2.281,41 1.451,45 897,67 447,42 120,78 DIVIDENDS PAYMENT Dividends % pay out / earnings - - 256,59 283,08 1.672,80 1.978,91 2.116,46 2.387,34 0% 0% 15% 15% 75% 75% 75% 75% Payment residual Available Cash

Financial Economical Data Million US $ INCOME STATEMENT Revenues from Tickets Sales, Goods and Services Opex (Depreciation & Amortization) (Interest Expenses) Interest on deposit (Taxes) Net Income 2029 2030 2031 2032 2033 2034 2035 6.405,57 6.626,62 6.861,52 7.395,79 7.664,28 7.949,89 8.253,84 857,87 877,51 893,87 911,32 929,95 954,14 979,68 407,97 407,97 407,97 407,97 407,97 407,97 407,97 - - - - - - - 748,31 904,91 1.068,92 1.144,83 1.240,03 1.312,50 1.383,94 2.273,84 2.401,47 2.537,76 2.759,68 2.886,18 3.010,22 3.140,49 3.614,19 3.844,58 4.090,84 4.461,65 4.680,20 4.890,05 5.109,63 CASH FLOW Unlevered Cash Flow 3.995,11 4.223,13 4.467,37 4.820,90 5.059,82 5.270,58 5.488,85 DEBT REPAYMENT Debt repayment (capital + interest) DIVIDENDS PAYMENT Dividends % pay out / earnings 2.548,76 2.710,65 3.844,58 4.090,84 4.461,65 4.680,20 4.890,05 75% 75% 100% 100% 100% 100% 100% Payment residual Available Cash

Financial Economical Data Million US $ INCOME STATEMENT Revenues from Tickets Sales, Goods and Services Opex (Depreciation & Amortization) (Interest Expenses) Interest on deposit (Taxes) Net Income 2036 2037 2038 2039 2040 2041 2042 8.577,46 9.195,52 9.565,59 9.959,98 10.380,45 10.828,90 11.562,52 1.006,66 1.035,18 1.065,35 1.097,30 1.131,13 1.167,00 1.205,05 407,97 407,97 407,97 407,97 407,97 407,97 407,97 - - - - - - - 1.456,85 1.531,56 1.633,32 1.714,66 1.796,18 1.879,95 1.966,30 3.278,25 3.528,17 3.691,76 3.857,56 4.032,75 4.218,65 4.513,22 5.341,42 5.755,75 6.033,83 6.311,81 6.604,78 6.915,23 7.402,58 CASH FLOW Unlevered Cash Flow 5.719,02 6.109,13 6.405,50 6.683,31 6.974,28 7.282,41 7.746,28 DEBT REPAYMENT Debt repayment (capital + interest) DIVIDENDS PAYMENT Dividends % pay out / earnings 5.109,63 5.341,42 5.755,75 6.033,83 6.311,81 6.604,78 6.915,23 100% 100% 100% 100% 100% 100% 100% Payment residual Available Cash

Financial Economical Data Million US $ INCOME STATEMENT Revenues from Tickets Sales, Goods and Services Opex (Depreciation & Amortization) (Interest Expenses) Interest on deposit (Taxes) Net Income 2043 2044 2045 2046 2047 2048 12.075,73 12.623,52 13.208,42 13.833,15 14.500,62 1.245,43 1.288,31 1.333,88 1.382,31 1.433,83 407,97 407,97 407,97 407,97 407,97 - - - - - 2.078,87 2.173,39 2.269,20 2.368,30 2.471,08 4.731,48 4.956,39 5.194,97 5.448,85 5.719,18 7.769,71 8.144,24 8.540,81 8.962,32 9.410,71 CASH FLOW Unlevered Cash Flow 8.129,56 8.502,94 8.896,57 9.314,78 9.759,61 DEBT REPAYMENT Debt repayment (capital + interest) DIVIDENDS PAYMENT Dividends % pay out / earnings Payment residual Available Cash 7.402,58 7.769,71 8.144,24 8.540,81 8.962,32 20.059,26 100% 100% 100% 100% 100% 100%

Technical/Economical Resume TECHNICAL / ECONOMICAL ASSUMPTIONS CAPEX (MM$) of which: EPC costs 8.519,0 Technical variants + Engineering 5,0% 423,8 Safety equipment 1,0% 85,2 Total 9.028,02 OPEX (MM$/y) Total Full Costs 29.551,7 Total 29.551,7 Taxes: Pis, Confins 9,25% On revenues Income Tax (average) 30,7% On Pretax income VAT (ICMS) 17,0% On revenues Funding Sources in MUS$: Interest Rates: ECONOMIC RESULTS Equity 12,05% 1.088,27 Debt 87,95% 7.939,75 IDC 5.251,03 Interest 4.457,83 Debt Rate* Years Reimb. Dates Tranche I 14,75% 4.167,9 10 2014 Tranche II 14,75% 4.327,9 10 2015 Tranche III 10,00% 3.492,1 10 2016 Tranche IV 10,00% 2.839,3 10 2017 Tranche V 10,00% 2.059,8 10 2018 Tranche VI 10,00% 761,6 10 2019 Total Debt 17.648,6 Long term (BNDES) 14,75% Long term (Other sources) 10,00% on deposit (net) 10,00% IRR (Unlevered, After Tax) 16,86% ROE 17,31% WACC 15,00% change Real for US$ 3,00

Passage of the Government Decree The Brazilian Government have approved Italplan s project by means of Decree n 169 dated as of june 1, 2005, establishing that the project shall be used as the base of the International Bid.

Passage of the Government Decree ISSN 1677-7042 Official Diary of the Union Section 1 N. 105, Friday, June 3, 2005 Ministry of Transport MINISTER S DEPARTMENTAL PRIVATE STAFF DECREE N. 169, JUNE 1 ST, 2005 THE MINISTER OF TRANSPORT, complying with the authority conferred by the paragraph 87, single issue, item II, of the Federal Constitution, resolves: Art. 1 st Approval of the Final Report presented by the Working Group established through the Decree n. 360, June 24, 2004, and extended through the Decrees n. 533, December, 2004, and n. 46, March 17, 2005, with the aim to evaluate projects of high speed railway connection between the cities of Rio de Janeiro and São Paulo, considering the following recommendations: I. Implement the necessaries institutional measures for the realization of a railway connection for the transport of passengers through an high speed train between the cities of Rio de Janeiro and São Paulo, taking as reference the technical and financial model conceived in the Project TAV ITALPLAN, because of the process of public bid of concession. II. Consider relevant the environmental studies developed within the TRANSCORR project circle. Art. 2 nd Constitute a Working Group having the aim to develop the activities and studies necessary for the implementation of the concession process of the project referred to the Art. 1, and propose an institutional model and its execution together with the Governmental organ of decision. Art. 3 rd The Working Group shall consist of representative of the following organs: - Private Department of Minister of transport; - Management Secretariat of Programs of Transport-SE-GES; - Secretariat of National Politics of Transport-SPNT; - National Agency of Land Transport-ANTT; - VALEC Engineering, Construction and Railways S/A (Brazilian Railways); - Ministry of Planning, Investment and Management; and - National Bank of Economic and Social Development of Brazil-BNDES. Art. 4 th The Working Group shall be coordinated by VALEC Engineering, Construction and Railways S/A, which may contract for studies, analysis and opinions and invite, in possible participation, advisors and specialists and representatives of the involved States and Municipalities. Art. 5 th The Working Group shall operate for 6 months period, starting from the publication date of this Decree, for the achieving of Its aims. Art. 6 th This Decree shall be effective starting from its publication date. ALFREDO NASCIMENTO

Project Timing SSN 1677-7042 Official Diary of the Union Section 1 N. 105, Friday, June 3, 2005 Ministry of Transport MINISTER S DEPARTMENTAL PRIVATE STAFF DECREE N. 169, JUNE 1 ST, 2005 International Bid March 2006 THE MINISTER OF TRANSPORT, complying with the authority conferred by the paragraph 87, single issue, item II, of the Federal Constitution, resolves: Art. 1 st Approval of the Final Report presented by the Working Group established through the Decree n. 360, June 24, 2004, and extended through the Decrees n. 533, December, 2004, and n. 46, March 17, 2005, with the aim to evaluate projects of high speed railway connection between the cities of Rio de Janeiro and São Paulo, considering the following recommendations: I. Implement the necessaries institutional measures for the realization of a railway connection for the transport of passengers through an high speed train between the cities of Rio de Janeiro and São Paulo, taking as reference the technical and financial model conceived in the Project TAV ITALPLAN, because of the process of public bid of concession. II. Consider relevant the environmental studies developed within the TRANSCORR project circle. Art. 2 nd Constitute a Working Group having the aim to develop the activities and studies necessary for the implementation of the concession process of the project referred to the Art. 1, and propose an institutional model and its execution together with the Governmental organ of decision. Art. 3 rd The Working Group shall consist of representative of the following organs: - Private Department of Minister of transport; - Management Secretariat of Programs of Transport-SE-GES; - Secretariat of National Politics of Transport-SPNT; - National Agency of Land Transport-ANTT; - VALEC Engineering, Construction and Railways S/A (Brazilian Railways); - Ministry of Planning, Investment and Management; and - National Bank of Economic and Social Development of Brazil-BNDES. Art. 4 th The Working Group shall be coordinated by VALEC Engineering, Construction and Railways S/A, which may contract for studies, analysis and opinions and invite, in possible participation, advisors and specialists and representatives of the involved States and Municipalities. Art. 5 th The Working Group shall operate for 6 months period, starting from the publication date of this Decree, for the achieving of Its aims. Art. 6 th This Decree shall be effective starting from its publication date. Fixed by Decree n. 349/05 Concession July 2006 Start Works 2007 Works Supervision shall be executed by Italplan 2007 2013 (period of construction) ALFREDO NASCIMENTO

Benefits for the Governments Taxes & Contribution: Federal State Federal 2013-2017 1,284,554,000 US$ 2013-2047 (concession) 88,487,555,000 US$ State of Rio de Janeiro 1,083,045,000 US$ 21,079,663,000 US$ State of São Paulo 1,083,045,000 US$ 21,079,663,000 US$