Investment Analysis

August 2, 2018 Dividend Portifolio – August/18

Portfolio Planner appreciates 9.33%, above the 8.88% gain of Bovespa Index

The Dividend Portfolio takes into consideration the following items in the choice of shares: i) strong and stable cash generation; ii) low indebtedness; iii) less need for investments; iv) revenue linked to inflationary indices; and v) high volume of distribution of earnings to shareholders.

Planner - Accumulated Performance in 2018 (%) - Dividend Portfolio

Planner Bovespa Month Dividend Portfolio Bovespa Index Portfolio Index January 12,80 11,14 February - 2,24 0,52 March - 4,74 0,01 April 2,81 0,88 May - 4,79 - 10,87 June - 2,67 - 5,20 July 9,33 8,88 August - - September - - OctoBer - - November - - December - - jan feb mar apr may jun jul aug sep oct nov dec Accum. 2018 9,42 3,69 Source: Planner Corretora e Economatica

Performance in July

The Dividend Portfolio for July increased 9.33%, with a negative highlight for only. On the positive side, Santander and São Martinho had significant increases in the month.

Dividend Portfolio for July 2018

Closing Fair Price DivYield Div/shr. DivYield Div/shr. Oscillation (%) Weight in Company Ticker Price Payment Policy (R$/shr.) 2017E (%) 2017E (R$) 2018E (%) 2018E (R$) Portfolio (%) (R$/shr.) Month Year

Engie EGIE3 37,39 43,00 7,89% 2,95 10,03% 3,75 Semester 9,23 8,12 20,00 KLBN11 20,20 22,00 3,29% 0,66 3,91% 0,79 3 times/year 3,06 16,63 20,00 Sanepar SAPR11 44,52 75,00 8,98% 4,00 10,33% 4,60 Semester -2,89 -20,87 20,00 Santander SANB11 36,48 37,00 4,80% 1,75 5,35% 1,95 Quarterly 25,17 20,16 20,00 São Martinho SMTO3 19,50 23,00 2,62% 0,51 3,23% 0,63 Annual 12,08 3,66 20,00

Planner Portfolio 9,33 9,42 Bovespa Index IBOV 79.220 87.400 8,88 3,69 Source: Planner Corretora and Economatica

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Investment Analysis

August 2, 2018 Dividend Portifolio – August/18

Portfolio Recommended for August

For the Portfolio recommended for August were kept and Klabin, with expectation of payment of earnings in the month. We enter shares that have approved proceeds and good returns for shareholders.

Dividend Portfolio for August 2018

Closing Fair Price DivYield Div/shr. DivYield Div/shr. Weight in Company Ticker Price Payment Policy (R$/shr.) 2017E (%) 2017E (R$) 2018E (%) 2018E (R$) Portfolio (%) (R$/shr.)

BB Seguridade BBSE3 24,49 37,00 3,88% 0,95 4,29% 1,05 Semester 20,00 BBAS3 32,50 52,00 4,31% 1,40 4,92% 1,60 Quarter 20,00 Engie EGIE3 37,39 43,00 7,76% 2,90 9,90% 3,70 Semester 20,00 Klabin KLBN11 20,20 22,00 2,82% 0,57 3,42% 0,69 3 times/year 20,00 Taesa TAEE11 20,21 25,00 9,40% 1,90 9,90% 2,00 Quarter 20,00 Bovespa Index IBOV 79.220 87.400 Source: Planner Corretora and Economatica Shares Held in the Portfolio

Engie Brasil Energia (EGIE3) – Sector: Utility

• We remain with the company's shares in our portfolio expecting a good semiannual result, to be released on August 8th, from which, the distribution of an interim dividend estimated at R$1.45 per share and return of 3.9%.

Klabin (KLBN11) – Sector: Pulp and Paper

• We continue with Klabin's unit (1 ON + 4 PN's) in the Portfolio. The company distributes dividends and/or interest on a quarterly basis. According to the company's historical payments, we estimate, a dividend of R$ 0.57 per unit for this year. At the price of R$ 22.00 per Unit, the potential upside for this year is 8.9%.

Shares Included in the Portfolio

Banco do Brasil (BBAS3) – Sector: Banks

• We inclued the BB's shares in our portfolio given the prospect of a quarterly profit distribution, which should be announced later this month, based on 2Q18 results to be released on August 9. We estimate earnings of R$0.25 per share equivalent to a quarterly yield of 0.8%.

BB Seguridade (BBSE3) – Sector: Insurance

• BB Seguridade's board of directors approved the distribution of dividends equivalent to a payout ratio of 80% over the first half of 2018 and, in addition, the distribution of the prescribed dividends for the 2nd semester 2014. Historically the company paysits dividends in August. We estimate a value of R$0.90 per share corresponding to a yield of 3.6%.

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Investment Analysis

August 2, 2018 Dividend Portifolio – August/18

Taesa (TAEE11) – Sector: Utility

• Historically, the company pays dividends for the second quarter of the year, combined with interest on capital, in August. We expect a distribution of R$ 0.70 per unit with a combined net return of 3.5%.

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Investment Analysis

August 2, 2018 Dividend Portifolio – August/18

TEAM

Mario Roberto Mariante, CNPI* [email protected]

Luiz Francisco Caetano, CNPI [email protected]

Victor Luiz de Figueiredo Martins, CNPI [email protected]

Ricardo Tadeu Martins, CNPI [email protected]

DISCLAIMER

This report was prepared by Planner Corretora and is supplied for information purposes only. The information, opinions, estimates and projections refer to available data and are subject to change as a result of alterations in market conditions, without prior notice. The information used in this report was obtains from the company(ies) analyzed and from public sources, which we believe to be reliable and of good faith. However, it has not been independently confirmed and no guarantee, expressed or implied, is given as to accuracy. No part of this report may be copied or re-distributed without the previous consent of Planner Corretora de Valores. (*) In accordance with article 16, sole paragraph, of ICVM 483, I declare I am solely responsible for the information and statements contained in this analysis report. Declaration of the securities analyst(s) (of investment), under the terms of art. 17 of ICVM 483 The securities analyst(s) (of investment) contributing to this report declare that the recommendations herein only reflect their personal opinion on the company and its securities, which formed in an independent and autonomous way, inclusively in relation to Planner Corretora and other companies in the Group. Declaration of the employer of the analyst, under the terms of art. 18 of ICVM 483 Planner Corretora and other companies in the Group declare that companies analyzed in this report may be paid for services rendered.

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