BRF S.A. · BRF S.A. is liable for defining the scope of work, as well as making available all the database and information referring to receivables to be securitized. Our work was

BRF S.A.

Report analyzing the characteristics of receivables portfolio

Translation from Portuguese into English by an independent company.

Page 2

The information contained herein was extracted based on data provided by BRF S.A.’s management and shall not be

construed as commitment to future profitability of the Fund and does not represent EY’s assurance as to solvency,

compliance, exactitude or quality of receivables portfolio assigned to the Fund.

Decisions to invest in the Fund shall not be taken only based on information contained herein. The information shall

be carefully analyzed considering all the material made available by the Fund prospectus.

Characteristics of Receivables Portfolio


Page 3

São Paulo Corporate Towers

Av. Presidente Juscelino Kubitschek, 1909

Torre Norte - 10º Andar - Itaim Bibi

04543-011 - São Paulo - SP - Brasil

Tel: (5511) 2573-3000

ey.com.br

São Paulo, October 26, 2018

BRF S.A.

CNPJ: 01.838.723/0001-27

Rua Hungria, n.º 1400 – Jardim Europa

São Paulo – SP

Dear Sirs,

Pursuant to the terms of our services proposal dated July 17, 2018, we hereby submit our report containing the main characteristics of the receivables

portfolio originated by BRF S.A. (“Originator”). The receivables represented by invoices issued by the company may be assigned to a Receivables

Investment Fund (“FIDC”), therefore, the Company will make available this Previously Agreed-Upon-Procedures Report (“AUP Report”) for the risk rating

agency to issue a preliminary rating and add it to material distributed to investors.

The procedures conducted by EY aimed at compiling by means of recalculation and verification, the data referring to the receivables characteristics

having as parameters the portfolio liquidity, volume and distribution criteria originated in period between July 1, 2013 and June 30, 2018, and check the

existence of the Portfolio receivables respective invoices through sample selection.

BRF S.A. is liable for defining the scope of work, as well as making available all the database and information referring to receivables to be securitized.

Our work was executed in accordance with NBC TSC 4400, specific for previously agreed-upon-procedure works, issued by the Brazilian Federal

Accounting Council.


Page 4

In addition to the procedures indicated herein, we did not execute additional works to assure the reliability of information made available by BRF S.A.’s

shared services Treasury department. Procedures were carried out between July 23, 2018 to October 26, 2018 and were based on information made

available by the Company to execute our works.

The procedures conducted do not represent an audit, review or analysis of the financial statements or prospective financial statements of any entity

pursuant to applicable professional standards. None of the services provided nor any Report, including the AUP Report, will represent a legal opinion or

legal counseling. Our services neither represent a review to identify frauds or illegal acts, nor include any procedures to test compliance with laws or

regulations of any jurisdiction.

We thank BRF S.A. for the support given during our activities and we remain at your disposal for any further clarification you may deem necessary.

Yours faithfully,

ERNST & YOUNG

Auditores Independentes S.S.

CRC-2SP034519/O-6

Eduardo Braga Perdigão

Accountant CRC-1CE-013803/O-8


Page 5

BRF S.A. is developing a securitization structure for its receivables, by

means of a Receivables Investment Fund. The receivables are

represented by electronic invoices issued by the group’s companies,

originated through term commercial sales in the regular course of their

current activities in the food sector.

The procedures conducted by EY meet the objective of providing

elements for analysis of receivables’ profile and performance.

Therefore, information will be elaborated from the reading and

compilation of bases generated by the Company, comprising the

operations originated during the historical period from July 1, 2013 to

June 30, 2018 (“period of analysis”).

Pursuant to the terms of our services proposal dated July 17, 2018, our

work was executed by means of the following previously agreed

procedures:

Procedures Breakdown

A) For entire receivables portfolio

Database is obtained with Originator of credit with receivables

information and elaboration of information detailed in the tables and

graphs of pages 6 to 50.

Work objectives and procedures breakdown

B) Presentation per region

Database is obtained with Originator of credit with receivables information per

region defined by the Company and elaboration of information detailed in the

tables and graphs of pages 51 to 121.

C) For receivables sample

Receivables documentation is verified digitally by obtaining access keys of

invoices and consultation on the Brazilian National Treasury department

website (www.nfe.fazenda.gov.br).

The sample quantity selected was elaborated based on statistical selection

criteria by defining a confidence interval over total bills of the database taking

into account the error tolerable by the Company.

The parameters for total sampling were defined according to the following

formula:

Where:

N = Total bills of database

E = Tolerable error defined by the Company

n = Sample quantity


http://www.nfe.fazenda.gov.br/

Page 6

Total term bills 84,341,086 100.00% 49,514,828 100.00%

(-) Reversals/returns 2,209,704 2.62% 1,806,905 3.65%

(-) Cancellations 323,820 0.38% 79,966 0.16%

Total eligible base ² 81,807,563 97.00% 47,627,957 96.19%

(-) Partial returns ³ 289,248 0.34% - 0.00%

Total eligible base (-) Partial returns 81,518,315 96.65% 47,627,957 96.19%

DescriptionTotal sum of bills -

R$/thousand%

Number of

bills%

Total base 110,594,133 100.00% 55,490,993 100.00%

Eliminations ¹

(-) Clients who do not pay via bank slip 26,251,072 23.74% 5,975,808 10.77%

(-) Invoices with maturity date and/or date of payment before the date of issue 1,701 0.00% 303 0.00%

(-) Bills issued on demand 274 0.00% 54 0.00%

Total term bills 84,341,086 76.26% 49,514,828 89.23%

Tables 1 and 2 . Identification of receivables portfolio base


1According to criteria defined by BRF, the bills not paid via bank slip, bills with maturity date and/or date of payment before the date of issue and bills on demand over total basesent by the Company were eliminated.

² Total eligible base considers the elimination of bills which were canceled/reversed/returned over total term bills. The opening between cancellations and reversals/returns wereinformed by the Company. For returns, only receivables fully returned were considered. The amounts stated in this report were informed by BRF with discounts practiced upon theissue of transaction slip..

³ Partial return amounts were informed by the Company and only considered for analysis of receivables portfolio transaction map (Pages 61-63; 74-76; 86-88; 98-100; 110-112;122-124). Concerning other report information, total base of eligibles has been used.


Page 7

Period of analysis July 1, 2013 to June 30, 2018 (60 months)

Total sum of bills- R$/thousand 81,807,563

Total number of bills 47,627,957

Total sum of bills - R$/thousand 81,807,289

Origination monthly average - R$/thousand 1,363,455

Number of bills 47,627,903

Average of bills originated per month 793,798

Bills average ticket - R$/thousand 2

Bills average term -days 22

Total sum of bills - R$/thousand 274

Origination monthly average - R$/thousand 5

Number of bills 54

Average of bills originated per month 1

Bills average ticket - R$/thousand 2

Characteristics

Term

On demand

Table 3. Overall information on receivables portfolio



Page 8

Period

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Acum.

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Total sum of bills

- R$/thousand

Number of

bills

Jul-13 - 0.00% 0.00% - 0.00% 0.00% 1,377,115 1.68% 1.68% 985,300 2.07% 2.07% 1,377,115 985,300

Aug-13 105 38.18% 38.18% 1 1.85% 1.85% 1,358,765 1.66% 3.34% 966,533 2.03% 4.10% 1,358,869 966,534

Sep-13 0 0.07% 38.25% 1 1.85% 3.70% 1,309,816 1.60% 4.95% 927,258 1.95% 6.04% 1,309,816 927,259

Oct-13 - 0.00% 38.25% - 0.00% 3.70% 1,448,498 1.77% 6.72% 1,035,039 2.17% 8.22% 1,448,498 1,035,039

Nov-13 1 0.33% 38.58% 1 1.85% 5.56% 1,476,591 1.80% 8.52% 968,284 2.03% 10.25% 1,476,592 968,285

Dec-13 4 1.39% 39.97% 3 5.56% 11.11% 1,577,253 1.93% 10.45% 966,635 2.03% 12.28% 1,577,256 966,638

Jan-14 3 0.94% 40.91% 2 3.70% 14.81% 1,372,321 1.68% 12.13% 938,703 1.97% 14.25% 1,372,324 938,705

Feb-14 - 0.00% 40.91% - 0.00% 14.81% 1,349,644 1.65% 13.78% 890,329 1.87% 16.12% 1,349,644 890,329

Mar-14 - 0.00% 40.91% - 0.00% 14.81% 1,340,926 1.64% 15.42% 834,710 1.75% 17.87% 1,340,926 834,710

Apr-14 - 0.00% 40.91% - 0.00% 14.81% 1,350,171 1.65% 17.07% 850,179 1.79% 19.66% 1,350,171 850,179

May-14 - 0.00% 40.91% - 0.00% 14.81% 1,474,447 1.80% 18.87% 899,477 1.89% 21.55% 1,474,447 899,477

Jun-14 - 0.00% 40.91% - 0.00% 14.81% 1,408,569 1.72% 20.59% 870,972 1.83% 23.38% 1,408,569 870,972

Jul-14 - 0.00% 40.91% - 0.00% 14.81% 1,545,250 1.89% 22.48% 1,012,047 2.12% 25.50% 1,545,250 1,012,047

Aug-14 3 0.98% 41.89% 1 1.85% 16.67% 1,448,889 1.77% 24.25% 965,718 2.03% 27.53% 1,448,892 965,719

Sep-14 - 0.00% 41.89% - 0.00% 16.67% 1,434,664 1.75% 26.00% 976,742 2.05% 29.58% 1,434,664 976,742

Oct-14 - 0.00% 41.89% - 0.00% 16.67% 1,561,131 1.91% 27.91% 1,038,878 2.18% 31.76% 1,561,131 1,038,878

Nov-14 3 1.11% 43.00% 4 7.41% 24.07% 1,599,351 1.96% 29.87% 991,712 2.08% 33.84% 1,599,354 991,716

Dec-14 - 0.00% 43.00% - 0.00% 24.07% 1,779,530 2.18% 32.04% 1,025,447 2.15% 36.00% 1,779,530 1,025,447

Jan-15 17 6.24% 49.25% 5 9.26% 33.33% 1,407,425 1.72% 33.76% 892,307 1.87% 37.87% 1,407,442 892,312

Feb-15 3 1.17% 50.42% 2 3.70% 37.04% 1,360,479 1.66% 35.43% 820,398 1.72% 39.59% 1,360,482 820,400

On demand Term Total

Table 4. Distribution of receivables per date of origination



Page 9

Period

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Acum.

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Total sum of bills

- R$/thousand

Number of

bills

Mar-15 7 2.40% 52.82% 5 9.26% 46.30% 1,501,187 1.84% 37.26% 927,736 1.95% 41.54% 1,501,193 927,741

Apr-15 - 0.00% 52.82% - 0.00% 46.30% 1,475,841 1.80% 39.06% 857,344 1.80% 43.34% 1,475,841 857,344

May-15 2 0.72% 53.54% 1 1.85% 48.15% 1,516,490 1.85% 40.92% 888,868 1.87% 45.21% 1,516,492 888,869

Jun-15 - 0.00% 53.54% - 0.00% 48.15% 1,318,282 1.61% 42.53% 781,700 1.64% 46.85% 1,318,282 781,700

Jul-15 4 1.60% 55.15% 1 1.85% 50.00% 1,388,609 1.70% 44.23% 866,864 1.82% 48.67% 1,388,614 866,865

Aug-15 - 0.00% 55.15% - 0.00% 50.00% 1,259,297 1.54% 45.77% 785,447 1.65% 50.32% 1,259,297 785,447

Sep-15 - 0.00% 55.15% - 0.00% 50.00% 1,282,718 1.57% 47.33% 846,738 1.78% 52.09% 1,282,718 846,738

Oct-15 - 0.00% 55.15% - 0.00% 50.00% 1,358,805 1.66% 49.00% 756,185 1.59% 53.68% 1,358,805 756,185

Nov-15 - 0.00% 55.15% - 0.00% 50.00% 1,408,109 1.72% 50.72% 735,463 1.54% 55.23% 1,408,109 735,463

Dec-15 - 0.00% 55.15% - 0.00% 50.00% 1,554,780 1.90% 52.62% 817,052 1.72% 56.94% 1,554,780 817,052

Jan-16 4 1.51% 56.65% 2 3.70% 53.70% 1,137,915 1.39% 54.01% 675,912 1.42% 58.36% 1,137,920 675,914

Feb-16 - 0.00% 56.65% - 0.00% 53.70% 1,092,332 1.34% 55.34% 649,424 1.36% 59.72% 1,092,332 649,424

Mar-16 - 0.00% 56.65% - 0.00% 53.70% 1,306,772 1.60% 56.94% 765,212 1.61% 61.33% 1,306,772 765,212

Apr-16 - 0.00% 56.65% - 0.00% 53.70% 1,212,039 1.48% 58.42% 670,002 1.41% 62.74% 1,212,039 670,002

May-16 1 0.49% 57.14% 1 1.85% 55.56% 1,271,724 1.55% 59.98% 680,583 1.43% 64.17% 1,271,725 680,584

Jun-16 5 1.71% 58.85% 3 5.56% 61.11% 1,319,219 1.61% 61.59% 706,167 1.48% 65.65% 1,319,224 706,170

Jul-16 - 0.00% 58.85% - 0.00% 61.11% 1,257,931 1.54% 63.13% 677,514 1.42% 67.07% 1,257,931 677,514

Aug-16 - 0.00% 58.85% - 0.00% 61.11% 1,216,246 1.49% 64.61% 642,002 1.35% 68.42% 1,216,246 642,002

Sep-16 - 0.00% 58.85% - 0.00% 61.11% 1,240,053 1.52% 66.13% 654,081 1.37% 69.79% 1,240,053 654,081


Table 4. Distribution of receivables per date of origination - continued



Page 10

Period

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Acum.

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Total sum of bills

- R$/thousand

Number of

bills

Oct-16 0 0.05% 58.90% 1 1.85% 62.96% 1,315,583 1.61% 67.74% 661,829 1.39% 71.18% 1,315,583 661,830

Nov-16 1 0.29% 59.19% 2 3.70% 66.67% 1,471,758 1.80% 69.54% 687,876 1.44% 72.63% 1,471,759 687,878

Dec-16 - 0.00% 59.19% - 0.00% 66.67% 1,528,300 1.87% 71.41% 732,187 1.54% 74.16% 1,528,300 732,187

Jan-17 - 0.00% 59.19% - 0.00% 66.67% 1,232,185 1.51% 72.91% 664,889 1.40% 75.56% 1,232,185 664,889

Feb-17 10 3.76% 62.95% 3 5.56% 72.22% 1,261,368 1.54% 74.45% 625,890 1.31% 76.87% 1,261,378 625,893

Mar-17 - 0.00% 62.95% - 0.00% 72.22% 1,358,712 1.66% 76.11% 673,249 1.41% 78.29% 1,358,712 673,249

Apr-17 - 0.00% 62.95% - 0.00% 72.22% 1,065,710 1.30% 77.42% 592,257 1.24% 79.53% 1,065,710 592,257

May-17 10 3.82% 66.77% 2 3.70% 75.93% 1,348,743 1.65% 79.07% 696,605 1.46% 80.99% 1,348,754 696,607

Jun-17 - 0.00% 66.77% - 0.00% 75.93% 1,275,391 1.56% 80.62% 655,516 1.38% 82.37% 1,275,391 655,516

Jul-17 - 0.00% 66.77% - 0.00% 75.93% 1,308,265 1.60% 82.22% 699,794 1.47% 83.84% 1,308,265 699,794

Aug-17 - 0.00% 66.77% - 0.00% 75.93% 1,337,489 1.63% 83.86% 732,966 1.54% 85.38% 1,337,489 732,966

Sep-17 - 0.00% 66.77% - 0.00% 75.93% 1,275,044 1.56% 85.42% 655,023 1.38% 86.75% 1,275,044 655,023

Oct-17 - 0.00% 66.77% - 0.00% 75.93% 1,375,776 1.68% 87.10% 708,750 1.49% 88.24% 1,375,776 708,750

Nov-17 0 0.08% 66.85% 1 1.85% 77.78% 1,481,480 1.81% 88.91% 732,804 1.54% 89.78% 1,481,480 732,805

Dec-17 90 32.98% 99.83% 11 20.37% 98.15% 1,503,260 1.84% 90.75% 745,698 1.57% 91.35% 1,503,351 745,709

Jan-18 - 0.00% 99.83% - 0.00% 98.15% 1,289,990 1.58% 92.32% 694,718 1.46% 92.80% 1,289,990 694,718

Feb-18 0 0.17% 100.00% 1 1.85% 100.00% 1,206,456 1.47% 93.80% 641,671 1.35% 94.15% 1,206,457 641,672

Mar-18 - 0.00% 100.00% - 0.00% 100.00% 1,297,754 1.59% 95.39% 707,356 1.49% 95.64% 1,297,754 707,356

Apr-18 - 0.00% 100.00% - 0.00% 100.00% 1,246,312 1.52% 96.91% 695,109 1.46% 97.10% 1,246,312 695,109

May-18 - 0.00% 100.00% - 0.00% 100.00% 1,026,181 1.25% 98.16% 601,764 1.26% 98.36% 1,026,181 601,764

Jun-18 - 0.00% 100.00% - 0.00% 100.00% 1,502,621 1.84% 100.00% 781,044 1.64% 100.00% 1,502,621 781,044

Total 274 100% 54 24% 81,807,563 100% 47,627,957 100% 81,807,837 47,628,011


Table 4. Distribution of receivables per date of origination - continued



Page 11

-

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

1.600.000

1.800.000

2.000.000

Origin

ate

d a

mount (R

$th

ousand)

Period

Total sum of bills- R$/thousand

On demand Term

Graph 1. Receivables distribution per date of origination



Page 12

On demand Term

Nov-16 393 2,140

Dec-16 - 2,087

Jan-17 - 1,853

Feb-17 3,437 2,015

Mar-17 - 2,018

Apr-17 - 1,799

May-17 5,229 1,936

Jun-17 - 1,946

Jul-17 - 1,870

Aug-17 - 1,825

Sep-17 - 1,947

Oct-17 - 1,941

Nov-17 233 2,022

Dec-17 8,212 2,016

Jan-18 - 1,857

Feb-18 469 1,880

Mar-18 - 1,835

Apr-18 - 1,793

May-18 - 1,705

Jun-18 - 1,924

Monthly average 2,458 1,742

Bills average ticket - R$Period

On demand Term

Mar-15 1,317 1,618

Apr-15 - 1,721

May-15 1,977 1,706

Jun-15 - 1,686

Jul-15 4,395 1,602

Aug-15 - 1,603

Sep-15 - 1,515

Oct-15 - 1,797

Nov-15 - 1,915

Dec-15 - 1,903

Jan-16 2,064 1,684

Feb-16 - 1,682

Mar-16 - 1,708

Apr-16 - 1,809

May-16 1,339 1,869

Jun-16 1,563 1,868

Jul-16 - 1,857

Aug-16 - 1,894

Sep-16 - 1,896

Oct-16 125 1,988


On demand Term

Jul-13 - 1,398

Aug-13 104,593 1,406

Sep-13 183 1,413

Oct-13 - 1,399

Nov-13 910 1,525

Dec-13 1,267 1,632

Jan-14 1,292 1,462

Feb-14 - 1,516

Mar-14 - 1,606

Apr-14 - 1,588

May-14 - 1,639

Jun-14 - 1,617

Jul-14 - 1,527

Aug-14 2,692 1,500

Sep-14 - 1,469

Oct-14 - 1,503

Nov-14 760 1,613

Dec-14 - 1,735

Jan-15 3,420 1,577

Feb-15 1,603 1,658



Table 5. Bills average ticket (monthly)


Page 13


Graph 2. Bills average ticket (monthly)

-

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

mai/17 jun/17 jul/17 ago/17 set/17 out/17 nov/17 dez/17

Am

ounts

in R

$

Period

Bills average ticket - R$

On demand Term


Page 14

Average term (Days)¹

Total sum of

bills -

R$/thousand

% % Acum.Number of

bills% % Accum.

On demand 274 0.00% 0.00% 54 0.00% 0

From 1 to 8 days 12,032,824 14.71% 14.71% 7,845,462 16.47% 16.47%

From 9 to 30 days 62,490,568 76.39% 91.10% 38,914,852 81.71% 98.18%

From 31 to 40 days 4,142,319 5.06% 96.16% 586,902 1.23% 99.41%

From 41 to 50 days 1,693,235 2.07% 98.23% 167,805 0.35% 99.76%

From 51 to 60 days 731,142 0.89% 99.12% 60,987 0.13% 99.89%

From 61 to 90 days 616,238 0.75% 99.88% 47,106 0.10% 99.99%

From 91 to 120 days 67,824 0.08% 99.96% 3,577 0.01% 100.00%

From 121 to 150 days 26,266 0.03% 99.99% 863 0.00% 100.00%

From 151 to 180 days 4,290 0.01% 100.00% 113 0.00% 100.00%

Above 180 days 2,856 0.00% 100.00% 290 0.00% 100.00%

Total 81,807,837 100% 47,628,011 100%

Average term weighted by value 22 days

Maximum term 455 days

Median 21 days


Table 6. Sales financial volume X Average sales term

¹ Term between the date of issue and maturity date with extension, according to information made available by BRF.


Page 15

Graph 3. Financial volume X Average sales term

-

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

35.000.000

40.000.000

-

10.000.000

20.000.000

30.000.000

40.000.000

50.000.000

60.000.000

70.000.000

Ondemand

From 1to 8 days

From 9to 30days

From 31to 40days

From 41to 50days

From 51to 60days

From 61to 90days

From 91to 120days

From121 to

150 days

From151 to

180 days

Above180 days

Num

ber

of

invoic

es

R$/thousand

Total sum of bills - R$/thousand Number of bills



Page 16

Nov-16 26 180 21

Dec-16 23 383 21

Jan-17 21 132 21

Feb-17 21 91 21

Mar-17 22 91 21

Apr-17 22 120 21

May-17 22 180 21

Jun-17 21 100 21

Jul-17 21 98 21

Aug-17 21 91 21

Sep-17 22 111 21

Oct-17 24 126 21

Nov-17 26 180 21

Dec-17 22 392 21

Jan-18 21 120 21

Feb-18 21 154 21

Mar-18 21 151 21

Apr-18 21 120 21

May-18 21 91 21

Jun-18 20 91 21

Average (days) 22 455 21

PeriodAverage term

weighted by value

Maximum

termMedian

Mar-15 22 143 21

Apr-15 22 160 21

May-15 22 404 21

Jun-15 21 137 21

Jul-15 22 117 21

Aug-15 21 148 21

Sep-15 22 173 21

Oct-15 23 111 21

Nov-15 26 399 21

Dec-15 23 394 21

Jan-16 22 230 21

Feb-16 21 223 21

Mar-16 22 218 21

Apr-16 22 120 21

May-16 22 120 21

Jun-16 22 146 21

Jul-16 22 117 21

Aug-16 22 104 21

Sep-16 22 124 21

Oct-16 24 110 21

PeriodAverage term

weighted by value

Maximum

termMedian

Jul-13 22 135 21

Aug-13 22 176 21

Sep-13 22 158 21

Oct-13 22 162 21

Nov-13 23 397 21

Dec-13 22 378 21

Jan-14 21 94 21

Feb-14 21 100 21

Mar-14 22 96 21

Apr-14 21 394 21

May-14 22 431 21

Jun-14 22 326 21

Jul-14 22 287 21

Aug-14 21 335 21

Sep-14 21 126 21

Oct-14 23 142 21

Nov-14 24 397 21

Dec-14 23 455 21

Jan-15 22 198 21

Feb-15 22 315 21

PeriodAverage term

weighted by value

Maximum

termMedian


Table 7. Sales financial volume X Average sales term – in the period


Page 17

Graph 4. Maximum term in the period (days)

0

50

100

150

200

250

300

350

400

450

500

Days

Period

Maximum term in the period



Page 18

Graph 5. Weighted average term and median in the period (days)

15

17

19

21

23

25

27

Days

Period

Weighted average term and median in the period

Average term weighted by value Median



Page 19

Sales Channel

Toal sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Domestic clients 270,169 0.33% 0.33% 16,531 0.03% 0.03%

Government agencies 56,644 0.07% 0.40% 10,266 0.02% 0.06%

Distributors 1,497,502 1.83% 2.23% 71,699 0.15% 0.21%

Regional clients 21,452,424 26.22% 28.45% 2,943,410 6.18% 6.39%

Retail 58,530,825 71.55% 100.00% 44,586,051 93.61% 100.00%

Total 81,807,563 100.00% 47,627,957 100.00%


Table 8 and Graph 6. Distribution per sales channel

Sales channel description:

Domestic clients: Clients operating nationwide (eight accounts).

Government agencies: Clients such as local governments, secretaries and foundations linked to the public authorities (bids).

Distributors: Distributors reselling BRF products.

Regional clients: Clients operating regionally.

Retail: Medium and small-sized chains and other small retail segments (bakeries, snack bars, etc.)

-

10.000.000

20.000.000

30.000.000

40.000.000

50.000.000

60.000.000

70.000.000

Am

ounts

in R

$ t

housand

Sales Channel


Page 20

Cancellations/reversals

(in days)

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

On the date of issue 750,531 29.62% 29.62% 487,113 25.82% 25.82%

In 1 day 401,662 15.85% 45.48% 359,813 19.07% 44.89%

In 2 days 295,050 11.65% 57.12% 271,226 14.37% 59.26%

In 3 days 230,489 9.10% 66.22% 197,665 10.48% 69.74%

In 4 days 179,968 7.10% 73.32% 145,263 7.70% 77.43%

In 5 days 137,500 5.43% 78.75% 109,395 5.80% 83.23%

In 6 days 116,199 4.59% 83.34% 84,835 4.50% 87.73%

In 7 days 80,119 3.16% 86.50% 57,500 3.05% 90.78%

From 8 to 10 days 120,303 4.75% 91.25% 80,710 4.28% 95.05%

From 11 to 30 days 158,938 6.27% 97.52% 78,942 4.18% 99.24%

From 31 to 90 days 58,663 2.32% 99.84% 11,999 0.64% 99.87%

From 91 to 180 days 3,677 0.15% 99.98% 2,015 0.11% 99.98%

Above 180 days 425 0.02% 100.00% 395 0.02% 100.00%

Total 2,533,523 100.00% 1,886,871 100.00%

Table 9. Bills cancelled/ reversed – 5 years



Page 21

Graph 7. Bills canceled/reversed – 5 years

-

100.000

200.000

300.000

400.000

500.000

600.000

700.000

800.000

On thedate ofissue

In 1 day In 2days

In 3days

In 4days

In 5days

In 6days

In 7days

From 8to 10days

From 11to 30days

From 31to 90days

From 91to 180days

Above180days

Am

ounts

in R

$/thousand

In days

Cancellations/reversals - 5 years



Page 22

Cancellations/reversals

(in days)

Total sum of bills -

R$/thousand% % Accum. Number of bills % % Accum.

On the date of issue 79,980 33.23% 33.23% 52,086 35.17% 35.17%

In 1 day 39,196 16.28% 49.51% 31,287 21.12% 56.29%

In 2 days 23,231 9.65% 59.16% 17,283 11.67% 67.96%

In 3 days 19,335 8.03% 67.19% 11,670 7.88% 75.84%

In 4 days 13,889 5.77% 72.96% 8,316 5.61% 81.45%

In 5 days 10,693 4.44% 77.41% 6,560 4.43% 85.88%

In 6 days 10,779 4.48% 81.88% 6,030 4.07% 89.95%

In 7 days 8,285 3.44% 85.32% 3,937 2.66% 92.61%

From 8 to 10 days 15,600 6.48% 91.81% 5,360 3.62% 96.23%

From 11 to 30 days 17,946 7.46% 99.26% 5,170 3.49% 99.72%

From 31 to 90 days 1,753 0.73% 99.99% 380 0.26% 99.98%

From 91 to 180 days 26 0.01% 100.00% 37 0.02% 100.00%

Above 180 days - 0.00% 100.00% - 0.00% 100.00%

Total 240,711 100.00% 148,116 100.00%

2018

Table 10. Bills canceled/reversed – January to June 2018



Page 23

Graph 8. Bills canceled/reversed – January to June 2018

-

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

On thedate ofissue

In 1day

In 2days

In 3days

In 4days

In 5days

In 6days

In 7days

From 8to 10days

From11 to

30days

From31 to

90days

From91 to180days

Above180days

Cancellations/reversals - 2018



Page 24

Year

Total sum of bills

canceled -

R$/thousand

Total sum of

eligible bills -

R$/thousand

% over

eligible

portfolio

2012 3 - 0.00%

2013 310,135 8,548,037 3.63%

2014 593,892 17,664,893 3.36%

2015 479,463 16,832,023 2.85%

2016 459,700 15,369,873 2.99%

2017 438,527 15,823,424 2.77%

2018 251,804 7,569,313 3.33%

Total 2,533,523 81,807,563 3.10%

Table 11 and Graph 9. Bills canceled/reversed per year of origination

-

100.000

200.000

300.000

400.000

500.000

600.000

2012 2013 2014 2015 2016 2017 2018

Am

ounts

in R

$/thousand

Year

Year of cancellation



Page 25

Sales channel

Total sum of bills

canceled -

R$/thousand

Total sum of

eligible bills -

R$/thousand

% over

eligible

portfolio

Retail 1,843,427 58,530,825 3.15%

Regional clients 651,086 21,452,424 3.04%

Distributors 23,313 1,497,502 1.56%

Domestic clients 13,791 270,169 5.10%

Government agencies 1,906 56,644 3.37%

Total 2,533,523 81,807,563 3.10%

Region

Total sum of bills

canceled -

R$/thousand

Total sum of

eligible bills -

R$/thousand

% over

eligible

portfolio

São Paulo 867,550 24,072,549 3.60%

Southeast 635,068 19,987,526 3.18%

Northeast 376,208 14,449,545 2.60%

South 367,800 12,241,133 3.00%

Mid-North 286,897 11,056,811 2.59%

Total 2,533,523 81,807,563 3.10%

Table 12. Bills canceled/reversed per region Table 13. Bills canceled/reversed by sales channel



Page 26

ClientTotaln sum of bills

- R$/thousand% over total

Client 41 5,365 0.21%

Client 42 5,271 0.21%

Client 43 5,191 0.20%

Client 44 5,019 0.20%

Client 45 5,013 0.20%

Client 46 5,012 0.20%

Client 47 4,927 0.19%

Client 48 4,870 0.19%

Client 49 4,826 0.19%

Client 50 4,820 0.19%

Client 51 4,810 0.19%

Client 52 4,630 0.18%

Client 53 4,615 0.18%

Client 54 4,489 0.18%

Client 55 4,424 0.17%

Client 56 4,361 0.17%

Client 57 4,250 0.17%

Client 58 4,239 0.17%

Client 59 4,122 0.16%

Client 60 4,109 0.16%



Client 21 7,556 0.30%

Client 22 7,515 0.30%

Client 23 7,390 0.29%

Client 24 7,387 0.29%

Client 25 7,271 0.29%

Client 26 7,219 0.28%

Client 27 7,149 0.28%

Client 28 7,078 0.28%

Client 29 7,027 0.28%

Client 30 6,909 0.27%

Client 31 6,815 0.27%

Client 32 6,507 0.26%

Client 33 6,396 0.25%

Client 34 6,373 0.25%

Client 35 6,353 0.25%

Client 36 6,269 0.25%

Client 37 6,219 0.25%

Client 38 5,752 0.23%

Client 39 5,392 0.21%

Client 40 5,376 0.21%



Client 1 47,933 1.89%

Client 2 28,593 1.13%

Client 3 28,331 1.12%

Client 4 24,494 0.97%

Client 5 23,774 0.94%

Client 6 14,569 0.58%

Client 7 14,422 0.57%

Client 8 13,174 0.52%

Client 9 11,854 0.47%

Client 10 10,949 0.43%

Client 11 10,801 0.43%

Client 12 10,716 0.42%

Client 13 10,632 0.42%

Client 14 10,151 0.40%

Client 15 9,849 0.39%

Client 16 9,470 0.37%

Client 17 8,543 0.34%

Client 18 8,092 0.32%

Client 19 7,901 0.31%

Client 20 7,816 0.31%

Table 14. Identification of largest clients amongst bills canceled/reversed



Page 27



Client 84 3,320 0.13%

Client 85 3,292 0.13%

Client 86 3,268 0.13%

Client 87 3,261 0.13%

Client 88 3,256 0.13%

Client 89 3,247 0.13%

Client 90 3,232 0.13%

Client 91 3,220 0.13%

Client 92 3,205 0.13%

Client 93 3,190 0.13%

Client 94 3,155 0.12%

Client 95 3,110 0.12%

Client 96 2,973 0.12%

Client 97 2,957 0.12%

Client 98 2,956 0.12%

Client 99 2,943 0.12%

Client 100 2,937 0.12%

Total 676,436 26.70%

Total canceled 2,533,523 100.00%



Client 61 3,975 0.16%

Client 62 3,863 0.15%

Client 63 3,796 0.15%

Client 64 3,790 0.15%

Client 65 3,787 0.15%

Client 66 3,767 0.15%

Client 67 3,716 0.15%

Client 68 3,706 0.15%

Client 69 3,657 0.14%

Client 70 3,573 0.14%

Client 71 3,542 0.14%

Client 72 3,541 0.14%

Client 73 3,517 0.14%

Client 74 3,512 0.14%

Client 75 3,499 0.14%

Client 76 3,498 0.14%

Client 77 3,491 0.14%

Client 78 3,423 0.14%

Client 79 3,415 0.13%

Client 80 3,406 0.13%

Client 81 3,382 0.13%

Client 82 3,347 0.13%

Client 83 3,328 0.13%

Table 14. Identification of largest clients amongst bills canceled/reversed - continued



Page 28

Representativeness

Total sum of

bills -

R$/thousand

% over

total

Number of

clients

% over

total

Number of

bills

% over

totalRepresentativeness

Total sum of

bills -

R$/thousand

% over

total

Number of

clients

% over

total

Number of

bills

% over

total

Less than 0.000005% 218,219 0.27% 183,987 37.39% 732,858 1.54% From 0.007% to 0.01% 2,505,112 3.06% 369 0.07% 575,625 1.21%

From 0.000005% to 0.00001% 303,266 0.37% 51,071 10.38% 931,086 1.95% From 0.01% to 0.02% 5,442,623 6.65% 482 0.10% 1,113,379 2.34%

From 0.00001% to 0.000015% 326,190 0.40% 32,272 6.56% 972,986 2.04% From 0.02% to 0.03% 3,673,675 4.49% 182 0.04% 668,613 1.40%

From 0.000015% to 0.00002% 333,797 0.41% 23,462 4.77% 981,019 2.06% From 0.03% to 0.04% 2,718,423 3.32% 96 0.02% 376,379 0.79%

From 0.00002% to 0.00003% 667,394 0.82% 33,066 6.72% 1,921,538 4.03% From 0.04% to 0.05% 2,190,135 2.68% 60 0.01% 337,004 0.71%

From 0.00003% to 0.00004% 661,027 0.81% 23,271 4.73% 1,829,222 3.84% From 0.05% to 0.06% 2,185,570 2.67% 49 0.01% 285,334 0.60%

From 0.00004% to 0.00005% 626,790 0.77% 17,106 3.48% 1,674,770 3.52% From 0.06% to 0.07% 1,229,116 1.50% 23 0.00% 127,548 0.27%

From 0.00005% to 0.00006% 608,464 0.74% 13,574 2.76% 1,545,358 3.24% From 0.07% to 0.08% 1,642,909 2.01% 27 0.01% 319,206 0.67%

From 0.00006% to 0.0008% 1,141,330 1.40% 20,108 4.09% 2,726,274 5.72% From 0.08% to 0.09% 708,720 0.87% 10 0.00% 79,966 0.17%

From 0.00008% to 0.0001% 1,025,154 1.25% 14,003 2.85% 2,249,097 4.72% From 0.09% to 0.10% 1,004,642 1.23% 13 0.00% 130,245 0.27%

From 0.0001% to 0.00015% 2,208,104 2.70% 22,061 4.48% 4,308,528 9.05% From 0.10% to 0.15% 4,880,460 5.97% 49 0.01% 566,946 1.19%

From 0.00015% to 0.0002% 1,810,006 2.21% 12,791 2.60% 3,070,889 6.45% From 0.15% to 0.20% 2,263,239 2.77% 16 0.00% 214,250 0.45%

From 0.0002% to 0.0004% 4,988,659 6.10% 21,812 4.43% 6,554,132 13.76% From 0.20% to 0.25% 2,223,336 2.72% 12 0.00% 347,507 0.73%

From 0.0004% to 0.0006% 3,130,098 3.83% 7,863 1.60% 3,006,936 6.31% From 0.25% to 0.30% 2,895,159 3.54% 13 0.00% 225,123 0.47%

From 0.0006% to 0.0008% 2,205,744 2.70% 3,907 0.79% 1,722,511 3.62% From 0.30% to 0.35% 1,627,689 1.99% 6 0.00% 225,155 0.47%

From 0.0008% to 0.001% 1,793,171 2.19% 2,451 0.50% 1,191,917 2.50% Above 0.35% 8,396,947 10.26% 16 0.00% 876,001 1.84%

From 0.001% to 0.003% 8,181,478 10.00% 6,131 1.25% 3,890,561 8.17%

From 0.003% to 0.005% 3,694,398 4.52% 1,177 0.24% 1,212,087 2.54% Total 81,807,563 100% 492,012 100.00% 47,627,957 100%

From 0.005% to 0.007% 2,296,521 2.81% 476 0.10% 637,907 1.34%

Table 15. Clients representativeness over total base of eligible



Page 29

Table 16. Clients representativeness over total base of eligible - January to June 2018

Representativeness

Total sum of

bills -

R$/thousand

% over

total

Number of

clients

% over

total

Number of

bills

% over

totalRepresentativeness Total sum of bills

- R$/thousand

% over

total

Number of

clients

% over

total

Number of

bills

% over

total

Less than 0.000005% 2,060 0.03% 8,424 3.97% 10,155 0.25% From 0.007% to 0.01% 243,599 3.22% 386 0.18% 62,656 1.52%

From 0.000005% to 0.00001% 6,657 0.09% 11,708 5.52% 27,698 0.67% From 0.01% to 0.02% 486,307 6.42% 458 0.22% 102,699 2.49%

From 0.00001% to 0.000015% 11,693 0.15% 12,342 5.82% 45,936 1.11% From 0.02% to 0.03% 341,469 4.51% 187 0.09% 62,399 1.51%

From 0.000015% to 0.00002% 16,205 0.21% 12,238 5.77% 63,917 1.55% From 0.03% to 0.04% 218,221 2.88% 83 0.04% 35,052 0.85%

From 0.00002% to 0.00003% 40,740 0.54% 21,709 10.24% 149,020 3.62% From 0.04% to 0.05% 230,157 3.04% 68 0.03% 34,897 0.85%

From 0.00003% to 0.00004% 45,904 0.61% 17,423 8.22% 154,801 3.76% From 0.05% to 0.06% 151,481 2.00% 37 0.02% 20,296 0.49%

From 0.00004% to 0.00005% 46,463 0.61% 13,699 6.46% 148,147 3.59% From 0.06% to 0.07% 147,428 1.95% 30 0.01% 17,377 0.42%

From 0.00005% to 0.00006% 45,736 0.60% 11,011 5.19% 136,386 3.31% From 0.07% to 0.08% 181,999 2.40% 32 0.02% 21,729 0.53%

From 0.00006% to 0.0008% 87,981 1.16% 16,755 7.90% 243,240 5.90% From 0.08% to 0.09% 114,548 1.51% 18 0.01% 17,419 0.42%

From 0.00008% to 0.0001% 84,207 1.11% 12,429 5.86% 214,816 5.21% From 0.09% to 0.10% 107,243 1.42% 15 0.01% 15,038 0.36%

From 0.0001% to 0.00015% 185,525 2.45% 19,972 9.42% 413,060 10.02% From 0.10% to 0.15% 438,545 5.79% 48 0.02% 44,866 1.09%

From 0.00015% to 0.0002% 155,741 2.06% 11,883 5.60% 290,644 7.05% From 0.15% to 0.20% 325,230 4.30% 25 0.01% 26,301 0.64%

From 0.0002% to 0.0004% 431,551 5.70% 20,402 9.62% 600,668 14.57% From 0.20% to 0.25% 222,189 2.94% 13 0.01% 16,398 0.40%

From 0.0004% to 0.0006% 272,587 3.60% 7,385 3.48% 268,190 6.51% From 0.25% to 0.30% 268,810 3.55% 13 0.01% 18,494 0.45%

From 0.0006% to 0.0008% 191,000 2.52% 3,643 1.72% 150,103 3.64% From 0.30% to 0.35% 146,813 1.94% 6 0.00% 8,776 0.21%

From 0.0008% to 0.001% 146,826 1.94% 2,174 1.03% 98,348 2.39% Above 0.35% 869,324 11.48% 20 0.01% 85,181 2.07%

From 0.001% to 0.003% 716,055 9.46% 5,720 2.70% 340,671 8.27%

From 0.003% to 0.005% 343,357 4.54% 1,176 0.55% 111,570 2.71% Total 7,569,313 100% 212,074 100% 4,121,662 100%

From 0.005% to 0.007% 245,662 3.25% 542 0.26% 64,714 1.57%



Page 30

PeriodTotal eligible

base

Discounts

over eligible

base

Eligible

Base (+)

discounts

% discount

over eligible

base (+)

discounts

Number of

clients per

month

Number of clients

who received

discount/month

% over total

number of

clients

Jul-13 1,377,115 1,514 1,378,629 0.11% 985,300 17,843 1.81%

Aug-13 1,358,765 1,496 1,360,261 0.11% 966,533 18,041 1.87%

Sep-13 1,309,816 1,402 1,311,218 0.11% 927,258 17,271 1.86%

Oct-13 1,448,498 1,509 1,450,006 0.10% 1,035,039 19,348 1.87%

Nov-13 1,476,591 1,528 1,478,119 0.10% 968,284 17,446 1.80%

Dec-13 1,577,253 1,596 1,578,849 0.10% 966,635 17,062 1.77%

Jan-14 1,372,321 1,624 1,373,946 0.12% 938,703 16,945 1.81%

Feb-14 1,349,644 1,868 1,351,512 0.14% 890,329 18,789 2.11%

Mar-14 1,340,926 2,744 1,343,670 0.20% 834,710 21,959 2.63%

Apr-14 1,350,171 7,367 1,357,538 0.54% 850,179 51,436 6.05%

May-14 1,474,447 7,756 1,482,203 0.52% 899,477 56,580 6.29%

Jun-14 1,408,569 8,343 1,416,912 0.59% 870,972 81,133 9.32%

Jul-14 1,545,250 7,660 1,552,910 0.49% 1,012,047 70,304 6.95%

Aug-14 1,448,889 8,864 1,457,753 0.61% 965,718 93,555 9.69%

Sep-14 1,434,664 7,412 1,442,076 0.51% 976,742 88,491 9.06%

Oct-14 1,561,131 8,100 1,569,231 0.52% 1,038,878 99,173 9.55%

Nov-14 1,599,351 8,122 1,607,473 0.51% 991,712 86,135 8.69%

Dec-14 1,779,530 9,489 1,789,019 0.53% 1,025,447 106,845 10.42%

Jan-15 1,407,425 5,744 1,413,169 0.41% 892,307 62,098 6.96%

Feb-15 1,360,479 7,164 1,367,643 0.52% 820,398 82,148 10.01%

Mar-15 1,501,187 7,377 1,508,564 0.49% 927,736 86,863 9.36%

Apr-15 1,475,841 7,258 1,483,099 0.49% 857,344 93,165 10.87%

May-15 1,516,490 7,884 1,524,374 0.52% 888,868 94,000 10.58%

Jun-15 1,318,282 6,183 1,324,464 0.47% 781,700 84,136 10.76%

Jul-15 1,388,609 5,074 1,393,683 0.36% 866,864 58,723 6.77%

Aug-15 1,259,297 6,004 1,265,301 0.47% 785,447 79,241 10.09%

Sep-15 1,282,718 5,559 1,288,277 0.43% 846,738 70,722 8.35%

Oct-15 1,358,805 4,998 1,363,803 0.37% 756,185 56,624 7.49%

Nov-15 1,408,109 4,783 1,412,892 0.34% 735,463 54,454 7.40%

Dec-15 1,554,780 5,345 1,560,125 0.34% 817,052 67,961 8.32%

Table 17. Distribution of eligible receivables and discounts per date of origination



Page 31

PeriodTotal eligible

base

Discounts

over eligible

base

Eligible

Base (+)

discounts

% discount

over eligible

base (+)

discounts

Number of

clients per

month

Number of clients

who received

discount/month

% over total

number of

clients

Jan-16 1,137,915 2,322 1,140,237 0.20% 675,912 13,992 2.07%

Feb-16 1,092,332 2,286 1,094,618 0.21% 649,424 12,374 1.91%

Mar-16 1,306,772 2,696 1,309,468 0.21% 765,212 13,555 1.77%

Apr-16 1,212,039 2,668 1,214,708 0.22% 670,002 13,389 2.00%

May-16 1,271,724 2,700 1,274,424 0.21% 680,583 13,912 2.04%

Jun-16 1,319,219 2,774 1,321,993 0.21% 706,167 15,221 2.16%

Jul-16 1,257,931 2,648 1,260,580 0.21% 677,514 16,353 2.41%

Aug-16 1,216,246 3,246 1,219,491 0.27% 642,002 28,703 4.47%

Sep-16 1,240,053 4,372 1,244,426 0.35% 654,081 57,578 8.80%

Oct-16 1,315,583 2,591 1,318,174 0.20% 661,829 13,413 2.03%

Nov-16 1,471,758 3,792 1,475,550 0.26% 687,876 33,059 4.81%

Dec-16 1,528,300 4,142 1,532,442 0.27% 732,187 61,281 8.37%

Jan-17 1,232,185 4,014 1,236,199 0.32% 664,889 69,696 10.48%

Feb-17 1,261,368 4,540 1,265,908 0.36% 625,890 72,769 11.63%

Mar-17 1,358,712 4,611 1,363,323 0.34% 673,249 67,753 10.06%

Apr-17 1,065,710 3,692 1,069,402 0.35% 592,257 45,967 7.76%

May-17 1,348,743 4,593 1,353,336 0.34% 696,605 51,949 7.46%

Jun-17 1,275,391 4,887 1,280,278 0.38% 655,516 57,251 8.73%

Jul-17 1,308,265 6,087 1,314,353 0.46% 699,794 73,830 10.55%

Aug-17 1,337,489 6,434 1,343,923 0.48% 732,966 83,021 11.33%

Sep-17 1,275,044 5,345 1,280,389 0.42% 655,023 63,221 9.65%

Oct-17 1,375,776 5,826 1,381,602 0.42% 708,750 67,257 9.49%

Nov-17 1,481,480 6,247 1,487,726 0.42% 732,804 71,821 9.80%

Dec-17 1,503,260 6,460 1,509,721 0.43% 745,698 73,759 9.89%

Jan-18 1,289,990 6,655 1,296,645 0.51% 694,718 80,359 11.57%

Feb-18 1,206,456 5,212 1,211,668 0.43% 641,671 63,831 9.95%

Mar-18 1,297,754 6,013 1,303,767 0.46% 707,356 76,919 10.87%

Apr-18 1,246,312 6,922 1,253,234 0.55% 695,109 90,800 13.06%

May-18 1,026,181 5,616 1,031,797 0.54% 601,764 73,350 12.19%

Jun-18 1,502,621 7,454 1,510,074 0.49% 781,044 82,396 10.55%

Total 81,807,563 298,612 82,106,176 21.65% 47,627,957 3,347,270 7.03%

Table 17. Distribution of eligible receivables and discounts per date of origination - continued



Page 32

Levels

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

From 40,001 to 50,000 2,229,767 2.73% 75.43% 49,876 0.10% 99.62%

From 50,001 to 60,000 1,867,386 2.28% 77.71% 34,146 0.07% 99.69%

From 60,001 to 70,000 1,493,245 1.83% 79.54% 23,060 0.05% 99.74%

From 70,001 to 80,000 1,252,697 1.53% 81.07% 16,749 0.04% 99.78%

From 80,001 to 90,000 1,214,388 1.48% 82.55% 14,306 0.03% 99.81%

From 90,001 to 100,000 1,105,946 1.35% 83.91% 11,665 0.02% 99.83%

From 100,001 to 150,000 5,351,376 6.54% 90.45% 44,045 0.09% 99.92%

From 150,001 to 200,000 3,429,521 4.19% 94.64% 19,888 0.04% 99.96%

From 200,001 to 500,000 4,276,391 5.23% 99.87% 16,925 0.04% 100.00%

Above 500,000 108,361 0.13% 100.00% 161 0.00% 100.00%

Total 81,807,563 100% 47,627,957 100%

Levels

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Up to 100 89,308 0.11% 0.11% 1,342,722 2.82% 2.82%

From 101 to 250 1,921,861 2.35% 2.46% 10,244,203 21.51% 24.33%

From 251 to 500 4,782,326 5.85% 8.30% 13,439,419 28.22% 52.55%

From 501 to 1.000 7,039,566 8.61% 16.91% 9,981,847 20.96% 73.50%

From 1,001 to 2,000 8,573,684 10.48% 27.39% 6,133,179 12.88% 86.38%

From 2,001 to 3,000 5,455,967 6.67% 34.06% 2,239,690 4.70% 91.08%

From 3,001 to 4,000 3,911,066 4.78% 38.84% 1,132,977 2.38% 93.46%

From 4,001 to 5,000 3,069,857 3.75% 42.59% 687,627 1.44% 94.91%

From 5,001 to 10,000 9,256,340 11.31% 53.91% 1,340,076 2.81% 97.72%

From 10,001 to 15,000 4,900,374 5.99% 59.90% 404,210 0.85% 98.57%

From 15,001 to 20,000 3,221,854 3.94% 63.84% 186,666 0.39% 98.96%

From 20,001 to 30,000 4,431,756 5.42% 69.25% 182,476 0.38% 99.34%

From 30,001 to 40,000 2,824,529 3.45% 72.71% 82,044 0.17% 99.52%

Table 18. Receivables distribution per value levels – term



Page 33

Graph 10. Receivables distribution per value levels – term

-

1.000.000

2.000.000

3.000.000

4.000.000

5.000.000

6.000.000

7.000.000

8.000.000

9.000.000

10.000.000

Am

ount in

R$/thousand

Levels

Total sum of bills - R$/thousand



Page 34

ClientsTotal sum of bills -

R$/thousand% % Accum.

Number of

bills% % Accum.

1 to 30 11,867,191 14.51% 14.51% 1,281,063 2.69% 2.69%

31 to 500 24,494,334 29.94% 44.45% 3,291,942 6.91% 9.60%

501 to 10,000 24,023,516 29.37% 73.81% 8,027,516 16.85% 26.46%

10,001 to 50,000 12,228,449 14.95% 88.76% 13,277,567 27.88% 54.33%

50,001 to 100,000 4,677,445 5.72% 94.48% 9,292,392 19.51% 73.84%

Other (139,385 clients) 4,516,628 5.52% 100.00% 12,457,477 26.16% 100.00%

Total 81,807,563 100.00% 47,627,957 100.00%

Table 19. Concentration by largest clients



Page 35

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 22 248,035 0.30% 12.25% 25,315 0.05% 2.31%

Client 23 240,478 0.29% 12.55% 33,115 0.07% 2.38%

Client 24 238,247 0.29% 12.84% 34,354 0.07% 2.45%

Client 25 236,191 0.29% 13.13% 16,144 0.03% 2.49%

Client 26 235,946 0.29% 13.42% 3,114 0.01% 2.49%

Client 27 232,425 0.28% 13.70% 2,721 0.01% 2.50%

Client 28 220,051 0.27% 13.97% 52,332 0.11% 2.61%

Client 29 219,715 0.27% 14.24% 32,319 0.07% 2.68%

Client 30 219,503 0.27% 14.51% 5,808 0.01% 2.69%

Client 31 217,742 0.27% 14.77% 15,788 0.03% 2.72%

Client 32 210,725 0.26% 15.03% 10,762 0.02% 2.75%

Client 33 209,130 0.26% 15.29% 2,818 0.01% 2.75%

Client 34 208,269 0.25% 15.54% 12,058 0.03% 2.78%

Client 35 206,738 0.25% 15.79% 3,790 0.01% 2.78%

Client 36 201,721 0.25% 16.04% 9,672 0.02% 2.80%

Client 37 198,119 0.24% 16.28% 8,989 0.02% 2.82%

Client 38 197,833 0.24% 16.52% 10,496 0.02% 2.84%

Client 39 193,747 0.24% 16.76% 160,040 0.34% 3.17%

Client 40 193,229 0.24% 17.00% 8,406 0.02% 3.19%

Client 41 191,601 0.23% 17.23% 37,364 0.08% 3.27%

Client 42 186,603 0.23% 17.46% 30,397 0.06% 3.33%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1 1,261,064 1.54% 1.54% 24,511 0.05% 0.05%

Client 2 1,002,034 1.22% 2.77% 7,468 0.02% 0.07%

Client 3 652,411 0.80% 3.56% 11,872 0.02% 0.09%

Client 4 626,287 0.77% 4.33% 151,459 0.32% 0.41%

Client 5 604,685 0.74% 5.07% 99,334 0.21% 0.62%

Client 6 505,921 0.62% 5.69% 9,655 0.02% 0.64%

Client 7 494,680 0.60% 6.29% 124,188 0.26% 0.90%

Client 8 418,787 0.51% 6.80% 54,959 0.12% 1.02%

Client 9 417,426 0.51% 7.31% 9,150 0.02% 1.03%

Client 10 401,994 0.49% 7.81% 36,808 0.08% 1.11%

Client 11 370,630 0.45% 8.26% 74,045 0.16% 1.27%

Client 12 361,476 0.44% 8.70% 114,240 0.24% 1.51%

Client 13 354,934 0.43% 9.13% 75,293 0.16% 1.66%

Client 14 319,224 0.39% 9.52% 7,740 0.02% 1.68%

Client 15 315,208 0.39% 9.91% 5,116 0.01% 1.69%

Client 16 290,185 0.35% 10.26% 70,163 0.15% 1.84%

Client 17 284,359 0.35% 10.61% 6,439 0.01% 1.85%

Client 18 283,377 0.35% 10.96% 47,551 0.10% 1.95%

Client 19 277,642 0.34% 11.30% 70,025 0.15% 2.10%

Client 20 268,594 0.33% 11.63% 7,429 0.02% 2.12%

Client 21 265,682 0.32% 11.95% 68,396 0.14% 2.26%

Table 20. Identification of largest clients

¹ Criteria defined by BRF. The largest clients were classified through the financial volume during period of analysis. The list of largest clients is detailed in the Exhibit.



Page 36

Table 20. Identification of largest clients - continued

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 44 176,883 0.22% 17.90% 16,882 0.04% 3.41%

Client 45 169,658 0.21% 18.11% 22,794 0.05% 3.45%

Client 46 164,918 0.20% 18.31% 5,884 0.01% 3.47%

Client 47 164,328 0.20% 18.51% 18,851 0.04% 3.51%

Client 48 154,622 0.19% 18.70% 9,236 0.02% 3.53%

Client 49 154,319 0.19% 18.89% 5,788 0.01% 3.54%

Client 50 153,333 0.19% 19.08% 26,336 0.06% 3.59%

Client 51 152,778 0.19% 19.26% 13,269 0.03% 3.62%

Client 52 149,966 0.18% 19.45% 16,723 0.04% 3.66%

Client 53 145,950 0.18% 19.62% 6,047 0.01% 3.67%

Client 54 144,307 0.18% 19.80% 20,396 0.04% 3.71%

Client 55 140,710 0.17% 19.97% 13,688 0.03% 3.74%

Client 56 140,201 0.17% 20.14% 2,487 0.01% 3.75%

Client 57 140,042 0.17% 20.32% 10,343 0.02% 3.77%

Client 58 138,118 0.17% 20.48% 7,712 0.02% 3.78%

Client 59 135,065 0.17% 20.65% 6,761 0.01% 3.80%

Client 60 133,299 0.16% 20.81% 21,198 0.04% 3.84%

Client 61 128,801 0.16% 20.97% 16,566 0.03% 3.88%

Client 62 128,416 0.16% 21.13% 35,655 0.07% 3.95%

Client 63 123,312 0.15% 21.28% 2,045 0.00% 3.96%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 64 119,546 0.15% 21.42% 1,853 0.00% 3.96%

Client 65 119,501 0.15% 21.57% 4,438 0.01% 3.97%

Client 66 117,540 0.14% 21.71% 9,764 0.02% 3.99%

Client 67 116,558 0.14% 21.86% 25,180 0.05% 4.04%

Client 68 116,361 0.14% 22.00% 11,010 0.02% 4.07%

Client 69 114,203 0.14% 22.14% 21,723 0.05% 4.11%

Client 70 113,978 0.14% 22.28% 14,465 0.03% 4.14%

Client 71 113,899 0.14% 22.42% 3,474 0.01% 4.15%

Client 72 112,216 0.14% 22.55% 14,901 0.03% 4.18%

Client 73 111,583 0.14% 22.69% 5,734 0.01% 4.19%

Client 74 111,431 0.14% 22.83% 2,207 0.00% 4.20%

Client 75 110,921 0.14% 22.96% 8,024 0.02% 4.21%

Client 76 110,367 0.13% 23.10% 24,539 0.05% 4.27%

Client 77 109,245 0.13% 23.23% 37,961 0.08% 4.35%

Client 78 107,655 0.13% 23.36% 37,400 0.08% 4.42%

Client 79 106,507 0.13% 23.49% 18,434 0.04% 4.46%

Client 80 106,349 0.13% 23.62% 2,278 0.00% 4.47%

Client 81 105,273 0.13% 23.75% 21,109 0.04% 4.51%

Client 82 105,252 0.13% 23.88% 31,204 0.07% 4.58%

Client 83 104,768 0.13% 24.01% 2,382 0.01% 4.58%

Client 84 103,425 0.13% 24.13% 10,471 0.02% 4.60%




Page 37

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 106 84,755 0.10% 26.63% 7,842 0.02% 4.99%

Client 107 83,966 0.10% 26.73% 1,129 0.00% 4.99%

Client 108 83,947 0.10% 26.84% 1,929 0.00% 5.00%

Client 109 83,803 0.10% 26.94% 25,357 0.05% 5.05%

Client 110 83,097 0.10% 27.04% 17,626 0.04% 5.09%

Client 111 82,527 0.10% 27.14% 25,301 0.05% 5.14%

Client 112 82,292 0.10% 27.24% 3,683 0.01% 5.15%

Client 113 81,378 0.10% 27.34% 1,828 0.00% 5.15%

Client 114 80,014 0.10% 27.44% 3,983 0.01% 5.16%

Client 115 80,007 0.10% 27.54% 3,581 0.01% 5.17%

Client 116 79,461 0.10% 27.64% 11,057 0.02% 5.19%

Client 117 79,180 0.10% 27.73% 7,395 0.02% 5.21%

Client 118 77,805 0.10% 27.83% 6,808 0.01% 5.22%

Client 119 76,671 0.09% 27.92% 31,303 0.07% 5.29%

Client 120 76,194 0.09% 28.01% 1,521 0.00% 5.29%

Client 121 76,106 0.09% 28.11% 17,275 0.04% 5.32%

Client 122 74,839 0.09% 28.20% 17,138 0.04% 5.36%

Client 123 74,668 0.09% 28.29% 5,699 0.01% 5.37%

Client 124 74,181 0.09% 28.38% 17,987 0.04% 5.41%

Client 125 74,139 0.09% 28.47% 4,670 0.01% 5.42%

Client 126 73,323 0.09% 28.56% 27,229 0.06% 5.48%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 85 102,391 0.13% 24.26% 18,226 0.04% 4.64%

Client 86 101,685 0.12% 24.38% 4,743 0.01% 4.65%

Client 87 99,794 0.12% 24.50% 10,343 0.02% 4.67%

Client 88 98,984 0.12% 24.63% 43,132 0.09% 4.76%

Client 89 98,932 0.12% 24.75% 1,763 0.00% 4.77%

Client 90 97,564 0.12% 24.87% 4,517 0.01% 4.78%

Client 91 97,061 0.12% 24.98% 7,658 0.02% 4.79%

Client 92 96,362 0.12% 25.10% 3,629 0.01% 4.80%

Client 93 95,818 0.12% 25.22% 2,508 0.01% 4.81%

Client 94 93,634 0.11% 25.33% 6,858 0.01% 4.82%

Client 95 92,622 0.11% 25.45% 2,475 0.01% 4.83%

Client 96 91,167 0.11% 25.56% 18,457 0.04% 4.87%

Client 97 90,193 0.11% 25.67% 1,990 0.00% 4.87%

Client 98 89,810 0.11% 25.78% 2,463 0.01% 4.87%

Client 99 89,781 0.11% 25.89% 15,164 0.03% 4.91%

Client 100 89,097 0.11% 26.00% 10,026 0.02% 4.93%

Client 101 88,580 0.11% 26.11% 6,484 0.01% 4.94%

Client 102 88,579 0.11% 26.21% 8,997 0.02% 4.96%

Client 103 87,656 0.11% 26.32% 3,745 0.01% 4.97%

Client 104 84,987 0.10% 26.42% 942 0.00% 4.97%

Client 105 84,801 0.10% 26.53% 1,408 0.00% 4.97%





Page 38

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 148 61,055 0.07% 30.33% 14,744 0.03% 5.99%

Client 149 60,709 0.07% 30.41% 18,212 0.04% 6.03%

Client 150 60,190 0.07% 30.48% 7,692 0.02% 6.04%

Client 151 60,008 0.07% 30.55% 809 0.00% 6.04%

Client 152 59,881 0.07% 30.63% 6,249 0.01% 6.06%

Client 153 59,582 0.07% 30.70% 11,355 0.02% 6.08%

Client 154 59,406 0.07% 30.77% 1,480 0.00% 6.08%

Client 155 59,250 0.07% 30.84% 893 0.00% 6.08%

Client 156 58,986 0.07% 30.92% 5,202 0.01% 6.10%

Client 157 58,967 0.07% 30.99% 12,622 0.03% 6.12%

Client 158 58,830 0.07% 31.06% 3,526 0.01% 6.13%

Client 159 58,799 0.07% 31.13% 33,745 0.07% 6.20%

Client 160 58,763 0.07% 31.20% 19,805 0.04% 6.24%

Client 161 58,581 0.07% 31.27% 6,721 0.01% 6.26%

Client 162 57,834 0.07% 31.35% 853 0.00% 6.26%

Client 163 56,948 0.07% 31.42% 2,683 0.01% 6.26%

Client 164 56,778 0.07% 31.48% 9,582 0.02% 6.28%

Client 165 55,653 0.07% 31.55% 1,854 0.00% 6.29%

Client 166 55,559 0.07% 31.62% 23,568 0.05% 6.34%

Client 167 55,256 0.07% 31.69% 7,199 0.02% 6.35%

Client 168 55,149 0.07% 31.76% 512 0.00% 6.35%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 127 72,573 0.09% 28.65% 1,430 0.00% 5.48%

Client 128 72,126 0.09% 28.74% 1,796 0.00% 5.48%

Client 129 72,083 0.09% 28.83% 1,422 0.00% 5.49%

Client 130 71,159 0.09% 28.91% 7,253 0.02% 5.50%

Client 131 71,148 0.09% 29.00% 3,644 0.01% 5.51%

Client 132 70,746 0.09% 29.09% 12,611 0.03% 5.54%

Client 133 69,982 0.09% 29.17% 3,633 0.01% 5.54%

Client 134 68,626 0.08% 29.26% 8,964 0.02% 5.56%

Client 135 66,953 0.08% 29.34% 11,984 0.03% 5.59%

Client 136 65,427 0.08% 29.42% 31,209 0.07% 5.65%

Client 137 65,308 0.08% 29.50% 3,259 0.01% 5.66%

Client 138 63,746 0.08% 29.58% 7,071 0.01% 5.68%

Client 139 62,624 0.08% 29.65% 29,312 0.06% 5.74%

Client 140 62,575 0.08% 29.73% 5,160 0.01% 5.75%

Client 141 62,530 0.08% 29.80% 9,581 0.02% 5.77%

Client 142 62,099 0.08% 29.88% 41,296 0.09% 5.85%

Client 143 62,005 0.08% 29.96% 10,293 0.02% 5.88%

Client 144 61,626 0.08% 30.03% 8,632 0.02% 5.89%

Client 145 61,549 0.08% 30.11% 13,476 0.03% 5.92%

Client 146 61,341 0.07% 30.18% 6,928 0.01% 5.94%

Client 147 61,236 0.07% 30.26% 9,081 0.02% 5.96%





Page 39

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 190 48,626 0.06% 33.15% 5,383 0.01% 6.60%

Client 191 48,344 0.06% 33.21% 7,050 0.01% 6.61%

Client 192 48,080 0.06% 33.26% 3,147 0.01% 6.62%

Client 193 48,039 0.06% 33.32% 6,011 0.01% 6.63%

Client 194 47,579 0.06% 33.38% 3,985 0.01% 6.64%

Client 195 47,342 0.06% 33.44% 5,744 0.01% 6.65%

Client 196 47,324 0.06% 33.50% 1,747 0.00% 6.65%

Client 197 47,134 0.06% 33.55% 14,256 0.03% 6.68%

Client 198 46,931 0.06% 33.61% 7,391 0.02% 6.70%

Client 199 46,319 0.06% 33.67% 2,192 0.00% 6.70%

Client 200 45,846 0.06% 33.72% 1,543 0.00% 6.71%

Client 201 45,812 0.06% 33.78% 3,877 0.01% 6.72%

Client 202 45,731 0.06% 33.84% 8,942 0.02% 6.73%

Client 203 45,587 0.06% 33.89% 622 0.00% 6.74%

Client 204 45,097 0.06% 33.95% 186 0.00% 6.74%

Client 205 45,082 0.06% 34.00% 7,811 0.02% 6.75%

Client 206 44,914 0.05% 34.06% 5,317 0.01% 6.76%

Client 207 44,503 0.05% 34.11% 1,747 0.00% 6.77%

Client 208 44,465 0.05% 34.17% 5,477 0.01% 6.78%

Client 209 44,328 0.05% 34.22% 803 0.00% 6.78%

Client 210 44,265 0.05% 34.27% 17,600 0.04% 6.82%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 169 55,126 0.07% 31.82% 4,496 0.01% 6.36%

Client 170 54,978 0.07% 31.89% 1,826 0.00% 6.37%

Client 171 54,555 0.07% 31.96% 1,642 0.00% 6.37%

Client 172 54,269 0.07% 32.02% 4,574 0.01% 6.38%

Client 173 53,997 0.07% 32.09% 7,748 0.02% 6.40%

Client 174 53,561 0.07% 32.15% 677 0.00% 6.40%

Client 175 53,285 0.07% 32.22% 8,067 0.02% 6.41%

Client 176 52,953 0.06% 32.28% 5,702 0.01% 6.43%

Client 177 52,543 0.06% 32.35% 5,864 0.01% 6.44%

Client 178 52,176 0.06% 32.41% 12,735 0.03% 6.47%

Client 179 51,602 0.06% 32.48% 3,042 0.01% 6.47%

Client 180 51,340 0.06% 32.54% 1,118 0.00% 6.47%

Client 181 51,110 0.06% 32.60% 3,249 0.01% 6.48%

Client 182 50,920 0.06% 32.66% 7,789 0.02% 6.50%

Client 183 50,645 0.06% 32.72% 10,626 0.02% 6.52%

Client 184 50,520 0.06% 32.79% 1,495 0.00% 6.52%

Client 185 50,195 0.06% 32.85% 1,500 0.00% 6.53%

Client 186 48,885 0.06% 32.91% 4,742 0.01% 6.54%

Client 187 48,824 0.06% 32.97% 4,559 0.01% 6.55%

Client 188 48,727 0.06% 33.03% 3,303 0.01% 6.55%

Client 189 48,626 0.06% 33.09% 15,179 0.03% 6.58%





Page 40

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 232 41,219 0.05% 35.42% 6,347 0.01% 7.09%

Client 233 41,206 0.05% 35.47% 10,148 0.02% 7.11%

Client 234 41,188 0.05% 35.52% 7,671 0.02% 7.12%

Client 235 40,640 0.05% 35.57% 6,571 0.01% 7.14%

Client 236 40,278 0.05% 35.62% 10,070 0.02% 7.16%

Client 237 40,227 0.05% 35.67% 999 0.00% 7.16%

Client 238 39,839 0.05% 35.72% 388 0.00% 7.16%

Client 239 39,750 0.05% 35.77% 12,621 0.03% 7.19%

Client 240 39,562 0.05% 35.81% 1,111 0.00% 7.19%

Client 241 39,348 0.05% 35.86% 998 0.00% 7.19%

Client 242 39,301 0.05% 35.91% 3,869 0.01% 7.20%

Client 243 39,160 0.05% 35.96% 10,497 0.02% 7.22%

Client 244 39,138 0.05% 36.01% 806 0.00% 7.23%

Client 245 39,084 0.05% 36.05% 3,514 0.01% 7.23%

Client 246 38,996 0.05% 36.10% 748 0.00% 7.23%

Client 247 38,850 0.05% 36.15% 1,640 0.00% 7.24%

Client 248 38,696 0.05% 36.20% 6,500 0.01% 7.25%

Client 249 38,683 0.05% 36.24% 17,225 0.04% 7.29%

Client 250 38,490 0.05% 36.29% 1,736 0.00% 7.29%

Client 251 38,333 0.05% 36.34% 20,711 0.04% 7.33%

Client 252 38,193 0.05% 36.38% 2,005 0.00% 7.34%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 211 44,044 0.05% 34.33% 1,889 0.00% 6.82%

Client 212 43,827 0.05% 34.38% 26,933 0.06% 6.88%

Client 213 43,695 0.05% 34.43% 2,529 0.01% 6.88%

Client 214 43,612 0.05% 34.49% 560 0.00% 6.88%

Client 215 43,606 0.05% 34.54% 1,327 0.00% 6.89%

Client 216 43,540 0.05% 34.59% 13,001 0.03% 6.91%

Client 217 43,497 0.05% 34.65% 7,501 0.02% 6.93%

Client 218 43,376 0.05% 34.70% 976 0.00% 6.93%

Client 219 43,102 0.05% 34.75% 8,780 0.02% 6.95%

Client 220 43,069 0.05% 34.81% 3,009 0.01% 6.96%

Client 221 42,620 0.05% 34.86% 9,138 0.02% 6.98%

Client 222 42,247 0.05% 34.91% 4,858 0.01% 6.99%

Client 223 42,227 0.05% 34.96% 1,776 0.00% 6.99%

Client 224 42,049 0.05% 35.01% 1,067 0.00% 6.99%

Client 225 42,018 0.05% 35.06% 15,765 0.03% 7.03%

Client 226 42,013 0.05% 35.12% 3,666 0.01% 7.03%

Client 227 41,579 0.05% 35.17% 2,382 0.01% 7.04%

Client 228 41,437 0.05% 35.22% 10,058 0.02% 7.06%

Client 229 41,430 0.05% 35.27% 4,701 0.01% 7.07%

Client 230 41,328 0.05% 35.32% 727 0.00% 7.07%

Client 231 41,237 0.05% 35.37% 1,911 0.00% 7.07%





Page 41

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 274 35,294 0.04% 37.37% 28,617 0.06% 7.67%

Client 275 35,134 0.04% 37.41% 2,652 0.01% 7.68%

Client 276 34,859 0.04% 37.46% 1,139 0.00% 7.68%

Client 277 34,787 0.04% 37.50% 9,524 0.02% 7.70%

Client 278 34,709 0.04% 37.54% 828 0.00% 7.70%

Client 279 34,682 0.04% 37.58% 517 0.00% 7.70%

Client 280 34,605 0.04% 37.63% 3,989 0.01% 7.71%

Client 281 34,143 0.04% 37.67% 9,651 0.02% 7.73%

Client 282 33,983 0.04% 37.71% 1,366 0.00% 7.73%

Client 283 33,783 0.04% 37.75% 1,099 0.00% 7.74%

Client 284 33,705 0.04% 37.79% 2,475 0.01% 7.74%

Client 285 33,502 0.04% 37.83% 2,100 0.00% 7.75%

Client 286 33,363 0.04% 37.87% 7,224 0.02% 7.76%

Client 287 33,318 0.04% 37.91% 1,869 0.00% 7.77%

Client 288 33,233 0.04% 37.95% 3,184 0.01% 7.77%

Client 289 33,183 0.04% 38.00% 2,900 0.01% 7.78%

Client 290 33,101 0.04% 38.04% 10,038 0.02% 7.80%

Client 291 33,077 0.04% 38.08% 1,539 0.00% 7.80%

Client 292 32,999 0.04% 38.12% 6,431 0.01% 7.82%

Client 293 32,969 0.04% 38.16% 6,917 0.01% 7.83%

Client 294 32,953 0.04% 38.20% 981 0.00% 7.83%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 253 38,065 0.05% 36.43% 2,034 0.00% 7.34%

Client 254 38,007 0.05% 36.48% 8,167 0.02% 7.36%

Client 255 37,659 0.05% 36.52% 8,176 0.02% 7.38%

Client 256 37,604 0.05% 36.57% 2,154 0.00% 7.38%

Client 257 37,432 0.05% 36.61% 3,313 0.01% 7.39%

Client 258 37,353 0.05% 36.66% 16,822 0.04% 7.42%

Client 259 37,272 0.05% 36.71% 17,653 0.04% 7.46%

Client 260 37,112 0.05% 36.75% 5,390 0.01% 7.47%

Client 261 36,907 0.05% 36.80% 9,846 0.02% 7.49%

Client 262 36,857 0.05% 36.84% 14,213 0.03% 7.52%

Client 263 36,845 0.05% 36.89% 1,892 0.00% 7.53%

Client 264 36,682 0.04% 36.93% 517 0.00% 7.53%

Client 265 36,657 0.04% 36.98% 2,346 0.00% 7.53%

Client 266 36,363 0.04% 37.02% 1,326 0.00% 7.54%

Client 267 36,359 0.04% 37.06% 4,526 0.01% 7.55%

Client 268 36,334 0.04% 37.11% 599 0.00% 7.55%

Client 269 36,193 0.04% 37.15% 583 0.00% 7.55%

Client 270 35,838 0.04% 37.20% 1,820 0.00% 7.55%

Client 271 35,573 0.04% 37.24% 3,113 0.01% 7.56%

Client 272 35,544 0.04% 37.28% 19,645 0.04% 7.60%

Client 273 35,529 0.04% 37.33% 5,820 0.01% 7.61%





Page 42

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 316 30,372 0.04% 39.04% 5,264 0.01% 7.96%

Client 317 30,337 0.04% 39.08% 7,247 0.02% 7.98%

Client 318 30,269 0.04% 39.12% 381 0.00% 7.98%

Client 319 30,004 0.04% 39.15% 1,147 0.00% 7.98%

Client 320 30,000 0.04% 39.19% 2,582 0.01% 7.99%

Client 321 29,930 0.04% 39.23% 2,932 0.01% 7.99%

Client 322 29,842 0.04% 39.26% 2,899 0.01% 8.00%

Client 323 29,777 0.04% 39.30% 1,558 0.00% 8.00%

Client 324 29,737 0.04% 39.34% 2,579 0.01% 8.01%

Client 325 29,469 0.04% 39.37% 10,644 0.02% 8.03%

Client 326 29,383 0.04% 39.41% 7,869 0.02% 8.05%

Client 327 29,204 0.04% 39.44% 8,430 0.02% 8.06%

Client 328 29,090 0.04% 39.48% 2,113 0.00% 8.07%

Client 329 29,065 0.04% 39.52% 10,712 0.02% 8.09%

Client 330 29,060 0.04% 39.55% 7,048 0.01% 8.11%

Client 331 29,002 0.04% 39.59% 4,782 0.01% 8.12%

Client 332 28,876 0.04% 39.62% 13,837 0.03% 8.14%

Client 333 28,667 0.04% 39.66% 10,439 0.02% 8.17%

Client 334 28,620 0.03% 39.69% 3,138 0.01% 8.17%

Client 335 28,578 0.03% 39.73% 1,256 0.00% 8.18%

Client 336 28,548 0.03% 39.76% 6,611 0.01% 8.19%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 295 32,691 0.04% 38.24% 3,415 0.01% 7.84%

Client 296 32,553 0.04% 38.28% 884 0.00% 7.84%

Client 297 32,303 0.04% 38.32% 2,385 0.01% 7.85%

Client 298 32,273 0.04% 38.36% 1,312 0.00% 7.85%

Client 299 32,180 0.04% 38.39% 4,218 0.01% 7.86%

Client 300 32,160 0.04% 38.43% 3,603 0.01% 7.87%

Client 301 32,146 0.04% 38.47% 3,699 0.01% 7.87%

Client 302 32,079 0.04% 38.51% 4,331 0.01% 7.88%

Client 303 31,889 0.04% 38.55% 1,857 0.00% 7.89%

Client 304 31,790 0.04% 38.59% 436 0.00% 7.89%

Client 305 31,530 0.04% 38.63% 271 0.00% 7.89%

Client 306 31,371 0.04% 38.67% 594 0.00% 7.89%

Client 307 31,311 0.04% 38.71% 3,978 0.01% 7.90%

Client 308 31,154 0.04% 38.74% 3,813 0.01% 7.91%

Client 309 31,079 0.04% 38.78% 2,532 0.01% 7.91%

Client 310 30,957 0.04% 38.82% 843 0.00% 7.91%

Client 311 30,921 0.04% 38.86% 5,388 0.01% 7.92%

Client 312 30,704 0.04% 38.89% 804 0.00% 7.93%

Client 313 30,632 0.04% 38.93% 5,196 0.01% 7.94%

Client 314 30,488 0.04% 38.97% 3,736 0.01% 7.94%

Client 315 30,432 0.04% 39.01% 3,319 0.01% 7.95%





Page 43

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 358 27,103 0.03% 40.51% 935 0.00% 8.35%

Client 359 26,995 0.03% 40.54% 5,269 0.01% 8.36%

Client 360 26,932 0.03% 40.58% 4,237 0.01% 8.37%

Client 361 26,885 0.03% 40.61% 1,026 0.00% 8.38%

Client 362 26,809 0.03% 40.64% 6,291 0.01% 8.39%

Client 363 26,770 0.03% 40.67% 7,951 0.02% 8.41%

Client 364 26,709 0.03% 40.71% 8,318 0.02% 8.42%

Client 365 26,678 0.03% 40.74% 3,722 0.01% 8.43%

Client 366 26,622 0.03% 40.77% 1,171 0.00% 8.43%

Client 367 26,575 0.03% 40.81% 2,612 0.01% 8.44%

Client 368 26,241 0.03% 40.84% 3,105 0.01% 8.44%

Client 369 26,185 0.03% 40.87% 233 0.00% 8.45%

Client 370 26,105 0.03% 40.90% 6,840 0.01% 8.46%

Client 371 26,071 0.03% 40.93% 863 0.00% 8.46%

Client 372 26,019 0.03% 40.96% 2,738 0.01% 8.47%

Client 373 25,896 0.03% 41.00% 527 0.00% 8.47%

Client 374 25,706 0.03% 41.03% 6,655 0.01% 8.48%

Client 375 25,644 0.03% 41.06% 5,461 0.01% 8.49%

Client 376 25,487 0.03% 41.09% 1,428 0.00% 8.50%

Client 377 25,467 0.03% 41.12% 6,797 0.01% 8.51%

Client 378 25,416 0.03% 41.15% 1,173 0.00% 8.51%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 337 28,520 0.03% 39.80% 689 0.00% 8.19%

Client 338 28,500 0.03% 39.83% 746 0.00% 8.19%

Client 339 28,450 0.03% 39.87% 1,342 0.00% 8.20%

Client 340 28,376 0.03% 39.90% 2,133 0.00% 8.20%

Client 341 28,256 0.03% 39.94% 1,026 0.00% 8.20%

Client 342 28,212 0.03% 39.97% 4,380 0.01% 8.21%

Client 343 28,144 0.03% 40.00% 1,839 0.00% 8.22%

Client 344 28,066 0.03% 40.04% 7,467 0.02% 8.23%

Client 345 27,983 0.03% 40.07% 1,403 0.00% 8.23%

Client 346 27,926 0.03% 40.11% 3,377 0.01% 8.24%

Client 347 27,864 0.03% 40.14% 2,626 0.01% 8.25%

Client 348 27,832 0.03% 40.18% 14,828 0.03% 8.28%

Client 349 27,823 0.03% 40.21% 6,909 0.01% 8.29%

Client 350 27,652 0.03% 40.24% 3,663 0.01% 8.30%

Client 351 27,617 0.03% 40.28% 1,156 0.00% 8.30%

Client 352 27,546 0.03% 40.31% 3,220 0.01% 8.31%

Client 353 27,396 0.03% 40.34% 2,517 0.01% 8.31%

Client 354 27,388 0.03% 40.38% 3,317 0.01% 8.32%

Client 355 27,370 0.03% 40.41% 1,349 0.00% 8.32%

Client 356 27,112 0.03% 40.44% 5,764 0.01% 8.34%

Client 357 27,105 0.03% 40.48% 7,170 0.02% 8.35%





Page 44

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 400 24,115 0.03% 41.82% 269 0.00% 8.69%

Client 401 23,931 0.03% 41.85% 1,356 0.00% 8.70%

Client 402 23,911 0.03% 41.88% 2,007 0.00% 8.70%

Client 403 23,889 0.03% 41.90% 6,673 0.01% 8.71%

Client 404 23,681 0.03% 41.93% 9,073 0.02% 8.73%

Client 405 23,671 0.03% 41.96% 775 0.00% 8.74%

Client 406 23,646 0.03% 41.99% 7,137 0.01% 8.75%

Client 407 23,577 0.03% 42.02% 282 0.00% 8.75%

Client 408 23,496 0.03% 42.05% 1,694 0.00% 8.75%

Client 409 23,477 0.03% 42.08% 7,678 0.02% 8.77%

Client 410 23,446 0.03% 42.11% 6,178 0.01% 8.78%

Client 411 23,404 0.03% 42.14% 2,038 0.00% 8.79%

Client 412 23,384 0.03% 42.16% 19,528 0.04% 8.83%

Client 413 23,368 0.03% 42.19% 1,467 0.00% 8.83%

Client 414 23,363 0.03% 42.22% 1,066 0.00% 8.83%

Client 415 23,354 0.03% 42.25% 7,254 0.02% 8.85%

Client 416 23,221 0.03% 42.28% 2,051 0.00% 8.85%

Client 417 23,207 0.03% 42.31% 4,927 0.01% 8.86%

Client 418 23,188 0.03% 42.33% 5,173 0.01% 8.87%

Client 419 23,132 0.03% 42.36% 2,228 0.00% 8.88%

Client 420 23,068 0.03% 42.39% 5,155 0.01% 8.89%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 379 25,332 0.03% 41.18% 7,023 0.01% 8.53%

Client 380 25,298 0.03% 41.21% 7,709 0.02% 8.54%

Client 381 25,290 0.03% 41.25% 599 0.00% 8.55%

Client 382 25,277 0.03% 41.28% 8,580 0.02% 8.56%

Client 383 25,225 0.03% 41.31% 4,386 0.01% 8.57%

Client 384 25,216 0.03% 41.34% 367 0.00% 8.57%

Client 385 25,076 0.03% 41.37% 4,622 0.01% 8.58%

Client 386 24,984 0.03% 41.40% 7,446 0.02% 8.60%

Client 387 24,880 0.03% 41.43% 1,445 0.00% 8.60%

Client 388 24,670 0.03% 41.46% 2,696 0.01% 8.61%

Client 389 24,642 0.03% 41.49% 5,649 0.01% 8.62%

Client 390 24,607 0.03% 41.52% 1,502 0.00% 8.62%

Client 391 24,518 0.03% 41.55% 1,882 0.00% 8.63%

Client 392 24,456 0.03% 41.58% 4,921 0.01% 8.64%

Client 393 24,395 0.03% 41.61% 446 0.00% 8.64%

Client 394 24,362 0.03% 41.64% 4,530 0.01% 8.65%

Client 395 24,304 0.03% 41.67% 118 0.00% 8.65%

Client 396 24,299 0.03% 41.70% 1,487 0.00% 8.65%

Client 397 24,275 0.03% 41.73% 7,351 0.02% 8.67%

Client 398 24,260 0.03% 41.76% 8,951 0.02% 8.69%

Client 399 24,211 0.03% 41.79% 3,691 0.01% 8.69%





Page 45

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 442 22,014 0.03% 43.00% 1,055 0.00% 9.03%

Client 443 21,896 0.03% 43.02% 2,863 0.01% 9.04%

Client 444 21,867 0.03% 43.05% 122 0.00% 9.04%

Client 445 21,822 0.03% 43.08% 9,164 0.02% 9.06%

Client 446 21,689 0.03% 43.10% 16,777 0.04% 9.09%

Client 447 21,629 0.03% 43.13% 2,006 0.00% 9.10%

Client 448 21,515 0.03% 43.16% 416 0.00% 9.10%

Client 449 21,502 0.03% 43.18% 369 0.00% 9.10%

Client 450 21,483 0.03% 43.21% 1,032 0.00% 9.10%

Client 451 21,445 0.03% 43.23% 1,339 0.00% 9.10%

Client 452 21,416 0.03% 43.26% 886 0.00% 9.11%

Client 453 21,405 0.03% 43.29% 5,966 0.01% 9.12%

Client 454 21,196 0.03% 43.31% 2,214 0.00% 9.12%

Client 455 21,190 0.03% 43.34% 4,585 0.01% 9.13%

Client 456 21,166 0.03% 43.36% 3,304 0.01% 9.14%

Client 457 21,158 0.03% 43.39% 88 0.00% 9.14%

Client 458 21,112 0.03% 43.42% 645 0.00% 9.14%

Client 459 21,058 0.03% 43.44% 3,953 0.01% 9.15%

Client 460 21,052 0.03% 43.47% 182 0.00% 9.15%

Client 461 21,033 0.03% 43.49% 542 0.00% 9.15%

Client 462 20,893 0.03% 43.52% 2,046 0.00% 9.15%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 421 23,055 0.03% 42.42% 3,498 0.01% 8.90%

Client 422 22,993 0.03% 42.45% 2,670 0.01% 8.90%

Client 423 22,992 0.03% 42.48% 633 0.00% 8.90%

Client 424 22,949 0.03% 42.50% 2,181 0.00% 8.91%

Client 425 22,899 0.03% 42.53% 265 0.00% 8.91%

Client 426 22,884 0.03% 42.56% 1,992 0.00% 8.91%

Client 427 22,794 0.03% 42.59% 1,826 0.00% 8.92%

Client 428 22,768 0.03% 42.61% 4,879 0.01% 8.93%

Client 429 22,620 0.03% 42.64% 10,849 0.02% 8.95%

Client 430 22,552 0.03% 42.67% 675 0.00% 8.95%

Client 431 22,523 0.03% 42.70% 5,309 0.01% 8.96%

Client 432 22,390 0.03% 42.73% 4,015 0.01% 8.97%

Client 433 22,373 0.03% 42.75% 381 0.00% 8.97%

Client 434 22,335 0.03% 42.78% 3,707 0.01% 8.98%

Client 435 22,268 0.03% 42.81% 375 0.00% 8.98%

Client 436 22,264 0.03% 42.83% 2,880 0.01% 8.99%

Client 437 22,225 0.03% 42.86% 342 0.00% 8.99%

Client 438 22,124 0.03% 42.89% 6,166 0.01% 9.00%

Client 439 22,102 0.03% 42.92% 3,688 0.01% 9.01%

Client 440 22,044 0.03% 42.94% 4,122 0.01% 9.02%

Client 441 22,038 0.03% 42.97% 5,806 0.01% 9.03%





Page 46

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 484 19,854 0.02% 44.07% 5,671 0.01% 9.41%

Client 485 19,837 0.02% 44.09% 10,037 0.02% 9.43%

Client 486 19,765 0.02% 44.11% 5,340 0.01% 9.44%

Client 487 19,732 0.02% 44.14% 766 0.00% 9.45%

Client 488 19,685 0.02% 44.16% 3,998 0.01% 9.45%

Client 489 19,679 0.02% 44.19% 4,487 0.01% 9.46%

Client 490 19,672 0.02% 44.21% 5,018 0.01% 9.47%

Client 491 19,630 0.02% 44.23% 4,469 0.01% 9.48%

Client 492 19,585 0.02% 44.26% 1,275 0.00% 9.49%

Client 493 19,572 0.02% 44.28% 20,470 0.04% 9.53%

Client 494 19,499 0.02% 44.31% 621 0.00% 9.53%

Client 495 19,443 0.02% 44.33% 10,055 0.02% 9.55%

Client 496 19,442 0.02% 44.35% 1,613 0.00% 9.55%

Client 497 19,323 0.02% 44.38% 5,053 0.01% 9.57%

Client 498 19,320 0.02% 44.40% 6,529 0.01% 9.58%

Client 499 19,300 0.02% 44.42% 2,797 0.01% 9.58%

Client 500 19,267 0.02% 44.45% 4,108 0.01% 9.59%

Client 501 19,258 0.02% 44.47% 1,682 0.00% 9.60%

Client 502 19,208 0.02% 44.49% 2,528 0.01% 9.60%

Client 503 19,125 0.02% 44.52% 12,792 0.03% 9.63%

Client 504 19,055 0.02% 44.54% 1,680 0.00% 9.63%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 463 20,873 0.03% 43.54% 6,582 0.01% 9.17%

Client 464 20,784 0.03% 43.57% 4,095 0.01% 9.18%

Client 465 20,683 0.03% 43.60% 2,605 0.01% 9.18%

Client 466 20,622 0.03% 43.62% 5,024 0.01% 9.19%

Client 467 20,558 0.03% 43.65% 6,429 0.01% 9.21%

Client 468 20,497 0.03% 43.67% 14,394 0.03% 9.24%

Client 469 20,440 0.02% 43.70% 11,647 0.02% 9.26%

Client 470 20,404 0.02% 43.72% 5,976 0.01% 9.27%

Client 471 20,367 0.02% 43.75% 799 0.00% 9.28%

Client 472 20,358 0.02% 43.77% 2,193 0.00% 9.28%

Client 473 20,266 0.02% 43.79% 3,551 0.01% 9.29%

Client 474 20,262 0.02% 43.82% 10,797 0.02% 9.31%

Client 475 20,258 0.02% 43.84% 280 0.00% 9.31%

Client 476 20,221 0.02% 43.87% 2,021 0.00% 9.31%

Client 477 20,212 0.02% 43.89% 3,573 0.01% 9.32%

Client 478 20,195 0.02% 43.92% 9,733 0.02% 9.34%

Client 479 20,177 0.02% 43.94% 4,775 0.01% 9.35%

Client 480 20,130 0.02% 43.97% 4,946 0.01% 9.36%

Client 481 19,997 0.02% 43.99% 5,579 0.01% 9.37%

Client 482 19,970 0.02% 44.02% 7,779 0.02% 9.39%

Client 483 19,965 0.02% 44.04% 4,057 0.01% 9.40%





Page 47

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 526 18,244 0.02% 45.04% 1,759 0.00% 9.79%

Client 527 18,228 0.02% 45.06% 324 0.00% 9.79%

Client 528 18,168 0.02% 45.09% 2,964 0.01% 9.79%

Client 529 18,073 0.02% 45.11% 1,721 0.00% 9.80%

Client 530 18,049 0.02% 45.13% 315 0.00% 9.80%

Client 531 18,042 0.02% 45.15% 361 0.00% 9.80%

Client 532 17,963 0.02% 45.17% 3,409 0.01% 9.81%

Client 533 17,949 0.02% 45.20% 1,047 0.00% 9.81%

Client 534 17,903 0.02% 45.22% 370 0.00% 9.81%

Client 535 17,786 0.02% 45.24% 1,814 0.00% 9.81%

Client 536 17,769 0.02% 45.26% 2,105 0.00% 9.82%

Client 537 17,754 0.02% 45.28% 4,700 0.01% 9.83%

Client 538 17,574 0.02% 45.30% 322 0.00% 9.83%

Client 539 17,552 0.02% 45.33% 1,796 0.00% 9.83%

Client 540 17,515 0.02% 45.35% 3,602 0.01% 9.84%

Client 541 17,481 0.02% 45.37% 127 0.00% 9.84%

Client 542 17,415 0.02% 45.39% 3,011 0.01% 9.85%

Client 543 17,391 0.02% 45.41% 311 0.00% 9.85%

Client 544 17,354 0.02% 45.43% 514 0.00% 9.85%

Client 545 17,334 0.02% 45.45% 152 0.00% 9.85%

Client 546 17,307 0.02% 45.47% 581 0.00% 9.85%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 505 19,052 0.02% 44.56% 4,245 0.01% 9.64%

Client 506 19,040 0.02% 44.59% 2,278 0.00% 9.65%

Client 507 18,993 0.02% 44.61% 9,038 0.02% 9.67%

Client 508 18,841 0.02% 44.63% 447 0.00% 9.67%

Client 509 18,822 0.02% 44.66% 699 0.00% 9.67%

Client 510 18,808 0.02% 44.68% 4,339 0.01% 9.68%

Client 511 18,758 0.02% 44.70% 8,098 0.02% 9.69%

Client 512 18,719 0.02% 44.73% 4,268 0.01% 9.70%

Client 513 18,684 0.02% 44.75% 4,046 0.01% 9.71%

Client 514 18,647 0.02% 44.77% 1,876 0.00% 9.72%

Client 515 18,641 0.02% 44.79% 4,080 0.01% 9.72%

Client 516 18,452 0.02% 44.82% 1,541 0.00% 9.73%

Client 517 18,406 0.02% 44.84% 899 0.00% 9.73%

Client 518 18,397 0.02% 44.86% 4,199 0.01% 9.74%

Client 519 18,396 0.02% 44.88% 852 0.00% 9.74%

Client 520 18,375 0.02% 44.91% 678 0.00% 9.74%

Client 521 18,361 0.02% 44.93% 6,676 0.01% 9.76%

Client 522 18,316 0.02% 44.95% 4,196 0.01% 9.76%

Client 523 18,282 0.02% 44.97% 3,943 0.01% 9.77%

Client 524 18,280 0.02% 45.00% 2,208 0.00% 9.78%

Client 525 18,271 0.02% 45.02% 2,755 0.01% 9.78%





Page 48

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 568 16,558 0.02% 45.93% 2,938 0.01% 9.99%

Client 569 16,544 0.02% 45.95% 1,182 0.00% 9.99%

Client 570 16,518 0.02% 45.97% 2,082 0.00% 9.99%

Client 571 16,462 0.02% 45.99% 9,947 0.02% 10.01%

Client 572 16,457 0.02% 46.01% 6,521 0.01% 10.03%

Client 573 16,351 0.02% 46.03% 876 0.00% 10.03%

Client 574 16,335 0.02% 46.05% 5,271 0.01% 10.04%

Client 575 16,324 0.02% 46.07% 10,903 0.02% 10.06%

Client 576 16,297 0.02% 46.09% 1,825 0.00% 10.07%

Client 577 16,287 0.02% 46.11% 1,476 0.00% 10.07%

Client 578 16,283 0.02% 46.13% 3,588 0.01% 10.08%

Client 579 16,224 0.02% 46.15% 6,243 0.01% 10.09%

Client 580 16,172 0.02% 46.17% 1,734 0.00% 10.09%

Client 581 16,111 0.02% 46.19% 12,303 0.03% 10.12%

Client 582 16,093 0.02% 46.21% 2,209 0.00% 10.12%

Client 583 16,090 0.02% 46.23% 3,102 0.01% 10.13%

Client 584 16,070 0.02% 46.25% 202 0.00% 10.13%

Client 585 16,065 0.02% 46.27% 274 0.00% 10.13%

Client 586 16,026 0.02% 46.29% 5,158 0.01% 10.14%

Client 587 15,975 0.02% 46.31% 3,407 0.01% 10.15%

Client 588 15,859 0.02% 46.33% 2,078 0.00% 10.15%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 547 17,305 0.02% 45.50% 7,160 0.02% 9.86%

Client 548 17,291 0.02% 45.52% 783 0.00% 9.87%

Client 549 17,289 0.02% 45.54% 1,648 0.00% 9.87%

Client 550 17,283 0.02% 45.56% 6,619 0.01% 9.88%

Client 551 17,195 0.02% 45.58% 8,890 0.02% 9.90%

Client 552 17,147 0.02% 45.60% 2,875 0.01% 9.91%

Client 553 17,105 0.02% 45.62% 1,407 0.00% 9.91%

Client 554 17,038 0.02% 45.64% 272 0.00% 9.91%

Client 555 17,012 0.02% 45.66% 2,539 0.01% 9.92%

Client 556 16,950 0.02% 45.68% 2,486 0.01% 9.92%

Client 557 16,915 0.02% 45.70% 1,964 0.00% 9.93%

Client 558 16,893 0.02% 45.73% 4,602 0.01% 9.93%

Client 559 16,886 0.02% 45.75% 4,853 0.01% 9.95%

Client 560 16,838 0.02% 45.77% 194 0.00% 9.95%

Client 561 16,811 0.02% 45.79% 840 0.00% 9.95%

Client 562 16,772 0.02% 45.81% 3,549 0.01% 9.95%

Client 563 16,717 0.02% 45.83% 938 0.00% 9.96%

Client 564 16,686 0.02% 45.85% 870 0.00% 9.96%

Client 565 16,605 0.02% 45.87% 3,805 0.01% 9.97%

Client 566 16,600 0.02% 45.89% 1,562 0.00% 9.97%

Client 567 16,576 0.02% 45.91% 4,398 0.01% 9.98%





Page 49

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 610 15,158 0.02% 46.74% 3,928 0.01% 10.33%

Client 611 15,127 0.02% 46.76% 314 0.00% 10.33%

Client 612 15,093 0.02% 46.78% 2,660 0.01% 10.34%

Client 613 15,038 0.02% 46.80% 5,931 0.01% 10.35%

Client 614 15,034 0.02% 46.82% 3,597 0.01% 10.36%

Client 615 15,017 0.02% 46.83% 1,702 0.00% 10.36%

Client 616 15,007 0.02% 46.85% 423 0.00% 10.36%

Client 617 15,003 0.02% 46.87% 14,971 0.03% 10.39%

Client 618 14,998 0.02% 46.89% 2,734 0.01% 10.40%

Client 619 14,988 0.02% 46.91% 2,805 0.01% 10.40%

Client 620 14,876 0.02% 46.93% 5,624 0.01% 10.42%

Client 621 14,860 0.02% 46.94% 362 0.00% 10.42%

Client 622 14,843 0.02% 46.96% 4,724 0.01% 10.43%

Client 623 14,791 0.02% 46.98% 493 0.00% 10.43%

Client 624 14,783 0.02% 47.00% 2,024 0.00% 10.43%

Client 625 14,783 0.02% 47.02% 1,734 0.00% 10.44%

Client 626 14,764 0.02% 47.03% 9,104 0.02% 10.45%

Client 627 14,731 0.02% 47.05% 3,381 0.01% 10.46%

Client 628 14,729 0.02% 47.07% 1,468 0.00% 10.46%

Client 629 14,715 0.02% 47.09% 416 0.00% 10.47%

Client 630 14,699 0.02% 47.11% 4,634 0.01% 10.47%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 589 15,793 0.02% 46.35% 2,945 0.01% 10.16%

Client 590 15,770 0.02% 46.37% 8,201 0.02% 10.18%

Client 591 15,674 0.02% 46.38% 2,388 0.01% 10.18%

Client 592 15,660 0.02% 46.40% 2,991 0.01% 10.19%

Client 593 15,643 0.02% 46.42% 2,555 0.01% 10.19%

Client 594 15,572 0.02% 46.44% 5,915 0.01% 10.21%

Client 595 15,547 0.02% 46.46% 4,991 0.01% 10.22%

Client 596 15,544 0.02% 46.48% 4,598 0.01% 10.23%

Client 597 15,526 0.02% 46.50% 4,123 0.01% 10.24%

Client 598 15,478 0.02% 46.52% 6,258 0.01% 10.25%

Client 599 15,473 0.02% 46.54% 3,448 0.01% 10.26%

Client 600 15,397 0.02% 46.56% 2,120 0.00% 10.26%

Client 601 15,381 0.02% 46.57% 2,773 0.01% 10.27%

Client 602 15,375 0.02% 46.59% 3,193 0.01% 10.27%

Client 603 15,311 0.02% 46.61% 4,218 0.01% 10.28%

Client 604 15,302 0.02% 46.63% 4,243 0.01% 10.29%

Client 605 15,283 0.02% 46.65% 1,954 0.00% 10.29%

Client 606 15,207 0.02% 46.67% 5,231 0.01% 10.31%

Client 607 15,204 0.02% 46.69% 2,658 0.01% 10.31%

Client 608 15,187 0.02% 46.70% 2,337 0.00% 10.32%

Client 609 15,167 0.02% 46.72% 2,714 0.01% 10.32%





Page 50

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 652 14,032 0.02% 47.49% 1,021 0.00% 10.58%

Client 653 14,005 0.02% 47.51% 64 0.00% 10.58%

Client 654 13,957 0.02% 47.52% 4,408 0.01% 10.59%

Client 655 13,940 0.02% 47.54% 4,095 0.01% 10.59%

Client 656 13,919 0.02% 47.56% 2,659 0.01% 10.60%

Client 657 13,912 0.02% 47.58% 8,011 0.02% 10.62%

Client 658 13,912 0.02% 47.59% 2,643 0.01% 10.62%

Client 659 13,896 0.02% 47.61% 4,201 0.01% 10.63%

Client 660 13,864 0.02% 47.63% 1,557 0.00% 10.63%

Client 661 13,859 0.02% 47.64% 3,726 0.01% 10.64%

Client 662 13,847 0.02% 47.66% 550 0.00% 10.64%

Client 663 13,812 0.02% 47.68% 213 0.00% 10.64%

Client 664 13,798 0.02% 47.69% 5,571 0.01% 10.66%

Client 665 13,794 0.02% 47.71% 3,642 0.01% 10.66%

Client 666 13,783 0.02% 47.73% 3,817 0.01% 10.67%

Client 667 13,733 0.02% 47.74% 2,624 0.01% 10.68%

Client 668 13,708 0.02% 47.76% 346 0.00% 10.68%

Client 669 13,681 0.02% 47.78% 1,431 0.00% 10.68%

Client 670 13,579 0.02% 47.79% 6,223 0.01% 10.69%

Client 671 13,575 0.02% 47.81% 281 0.00% 10.69%

Client 672 13,574 0.02% 47.83% 939 0.00% 10.70%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 631 14,652 0.02% 47.12% 3,149 0.01% 10.48%

Client 632 14,591 0.02% 47.14% 747 0.00% 10.48%

Client 633 14,550 0.02% 47.16% 403 0.00% 10.48%

Client 634 14,546 0.02% 47.18% 3,018 0.01% 10.49%

Client 635 14,460 0.02% 47.19% 5,241 0.01% 10.50%

Client 636 14,439 0.02% 47.21% 7,180 0.02% 10.52%

Client 637 14,369 0.02% 47.23% 4,594 0.01% 10.53%

Client 638 14,346 0.02% 47.25% 1,668 0.00% 10.53%

Client 639 14,301 0.02% 47.27% 950 0.00% 10.53%

Client 640 14,270 0.02% 47.28% 2,366 0.00% 10.54%

Client 641 14,249 0.02% 47.30% 4,077 0.01% 10.55%

Client 642 14,230 0.02% 47.32% 562 0.00% 10.55%

Client 643 14,209 0.02% 47.33% 1,040 0.00% 10.55%

Client 644 14,186 0.02% 47.35% 2,457 0.01% 10.55%

Client 645 14,163 0.02% 47.37% 3,203 0.01% 10.56%

Client 646 14,139 0.02% 47.39% 2,955 0.01% 10.57%

Client 647 14,122 0.02% 47.40% 355 0.00% 10.57%

Client 648 14,118 0.02% 47.42% 407 0.00% 10.57%

Client 649 14,116 0.02% 47.44% 1,411 0.00% 10.57%

Client 650 14,092 0.02% 47.46% 955 0.00% 10.57%

Client 651 14,041 0.02% 47.47% 788 0.00% 10.57%





Page 51

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 694 13,011 0.02% 48.18% 3,276 0.01% 10.80%

Client 695 13,011 0.02% 48.20% 2,901 0.01% 10.81%

Client 696 12,904 0.02% 48.22% 8,954 0.02% 10.82%

Client 697 12,903 0.02% 48.23% 609 0.00% 10.83%

Client 698 12,885 0.02% 48.25% 1,484 0.00% 10.83%

Client 699 12,870 0.02% 48.26% 851 0.00% 10.83%

Client 700 12,822 0.02% 48.28% 5,135 0.01% 10.84%

Client 701 12,773 0.02% 48.30% 345 0.00% 10.84%

Client 702 12,667 0.02% 48.31% 550 0.00% 10.84%

Client 703 12,633 0.02% 48.33% 1,302 0.00% 10.85%

Client 704 12,620 0.02% 48.34% 2,417 0.01% 10.85%

Client 705 12,578 0.02% 48.36% 1,325 0.00% 10.85%

Client 706 12,548 0.02% 48.37% 3,378 0.01% 10.86%

Client 707 12,539 0.02% 48.39% 1,044 0.00% 10.86%

Client 708 12,530 0.02% 48.40% 3,869 0.01% 10.87%

Client 709 12,517 0.02% 48.42% 2,296 0.00% 10.88%

Client 710 12,512 0.02% 48.43% 1,690 0.00% 10.88%

Client 711 12,468 0.02% 48.45% 708 0.00% 10.88%

Client 712 12,462 0.02% 48.46% 3,553 0.01% 10.89%

Client 713 12,458 0.02% 48.48% 127 0.00% 10.89%

Client 714 12,451 0.02% 48.49% 1,366 0.00% 10.89%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 673 13,564 0.02% 47.84% 191 0.00% 10.70%

Client 674 13,504 0.02% 47.86% 1,428 0.00% 10.70%

Client 675 13,495 0.02% 47.88% 7,069 0.01% 10.71%

Client 676 13,494 0.02% 47.89% 2,133 0.00% 10.72%

Client 677 13,478 0.02% 47.91% 250 0.00% 10.72%

Client 678 13,451 0.02% 47.93% 1,390 0.00% 10.72%

Client 679 13,411 0.02% 47.94% 3,354 0.01% 10.73%

Client 680 13,409 0.02% 47.96% 5,206 0.01% 10.74%

Client 681 13,379 0.02% 47.98% 3,329 0.01% 10.75%

Client 682 13,365 0.02% 47.99% 285 0.00% 10.75%

Client 683 13,343 0.02% 48.01% 7,109 0.01% 10.76%

Client 684 13,296 0.02% 48.02% 2,021 0.00% 10.77%

Client 685 13,294 0.02% 48.04% 528 0.00% 10.77%

Client 686 13,203 0.02% 48.06% 720 0.00% 10.77%

Client 687 13,188 0.02% 48.07% 1,696 0.00% 10.77%

Client 688 13,169 0.02% 48.09% 3,732 0.01% 10.78%

Client 689 13,118 0.02% 48.11% 97 0.00% 10.78%

Client 690 13,092 0.02% 48.12% 1,165 0.00% 10.78%

Client 691 13,075 0.02% 48.14% 1,371 0.00% 10.79%

Client 692 13,026 0.02% 48.15% 2,035 0.00% 10.79%

Client 693 13,017 0.02% 48.17% 360 0.00% 10.79%



¹ Criteria defined by BRF. The largest clients were classified through the financial volume during period of analysis. The list of largest clients is detailed in the exhibit.


Page 52

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 736 12,010 0.01% 48.82% 1,853 0.00% 11.02%

Client 737 11,969 0.01% 48.84% 1,291 0.00% 11.02%

Client 738 11,956 0.01% 48.85% 253 0.00% 11.03%

Client 739 11,928 0.01% 48.87% 306 0.00% 11.03%

Client 740 11,913 0.01% 48.88% 3,060 0.01% 11.03%

Client 741 11,903 0.01% 48.90% 1,436 0.00% 11.04%

Client 742 11,901 0.01% 48.91% 1,009 0.00% 11.04%

Client 743 11,884 0.01% 48.93% 1,161 0.00% 11.04%

Client 744 11,873 0.01% 48.94% 1,349 0.00% 11.04%

Client 745 11,853 0.01% 48.95% 1,684 0.00% 11.05%

Client 746 11,850 0.01% 48.97% 1,163 0.00% 11.05%

Client 747 11,827 0.01% 48.98% 1,363 0.00% 11.05%

Client 748 11,819 0.01% 49.00% 527 0.00% 11.05%

Client 749 11,802 0.01% 49.01% 3,033 0.01% 11.06%

Client 750 11,796 0.01% 49.03% 3,298 0.01% 11.07%

Client 751 11,786 0.01% 49.04% 1,178 0.00% 11.07%

Client 752 11,750 0.01% 49.06% 3,453 0.01% 11.08%

Client 753 11,738 0.01% 49.07% 686 0.00% 11.08%

Client 754 11,727 0.01% 49.08% 2,607 0.01% 11.08%

Client 755 11,677 0.01% 49.10% 998 0.00% 11.08%

Client 756 11,676 0.01% 49.11% 4,571 0.01% 11.09%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 715 12,423 0.02% 48.51% 934 0.00% 10.89%

Client 716 12,389 0.02% 48.52% 3,940 0.01% 10.90%

Client 717 12,360 0.02% 48.54% 153 0.00% 10.90%

Client 718 12,352 0.02% 48.55% 405 0.00% 10.90%

Client 719 12,347 0.02% 48.57% 2,420 0.01% 10.91%

Client 720 12,328 0.02% 48.59% 6,554 0.01% 10.92%

Client 721 12,301 0.02% 48.60% 1,265 0.00% 10.92%

Client 722 12,300 0.02% 48.62% 454 0.00% 10.92%

Client 723 12,298 0.02% 48.63% 4,778 0.01% 10.94%

Client 724 12,279 0.02% 48.65% 2,542 0.01% 10.94%

Client 725 12,271 0.01% 48.66% 1,974 0.00% 10.94%

Client 726 12,231 0.01% 48.68% 1,314 0.00% 10.95%

Client 727 12,197 0.01% 48.69% 7,264 0.02% 10.96%

Client 728 12,188 0.01% 48.70% 4,834 0.01% 10.97%

Client 729 12,181 0.01% 48.72% 1,198 0.00% 10.98%

Client 730 12,169 0.01% 48.73% 6,675 0.01% 10.99%

Client 731 12,128 0.01% 48.75% 3,131 0.01% 11.00%

Client 732 12,103 0.01% 48.76% 3,383 0.01% 11.00%

Client 733 12,053 0.01% 48.78% 3,468 0.01% 11.01%

Client 734 12,038 0.01% 48.79% 452 0.00% 11.01%

Client 735 12,024 0.01% 48.81% 3,393 0.01% 11.02%


¹ Criteria defined by BRF. The largest clients were classified through the financial volume during period of analysis. The list of largest clients is detailed in the exhibit.



Page 53

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 778 11,314 0.01% 49.42% 1,923 0.00% 11.22%

Client 779 11,275 0.01% 49.44% 2,193 0.00% 11.22%

Client 780 11,247 0.01% 49.45% 3,399 0.01% 11.23%

Client 781 11,231 0.01% 49.46% 2,029 0.00% 11.23%

Client 782 11,231 0.01% 49.48% 3,967 0.01% 11.24%

Client 783 11,222 0.01% 49.49% 2,825 0.01% 11.25%

Client 784 11,214 0.01% 49.50% 7,702 0.02% 11.26%

Client 785 11,198 0.01% 49.52% 2,259 0.00% 11.27%

Client 786 11,144 0.01% 49.53% 3,671 0.01% 11.28%

Client 787 11,126 0.01% 49.55% 3,813 0.01% 11.28%

Client 788 11,086 0.01% 49.56% 1,195 0.00% 11.29%

Client 789 11,082 0.01% 49.57% 882 0.00% 11.29%

Client 790 11,071 0.01% 49.59% 120 0.00% 11.29%

Client 791 11,006 0.01% 49.60% 335 0.00% 11.29%

Client 792 11,005 0.01% 49.61% 2,152 0.00% 11.29%

Client 793 10,975 0.01% 49.63% 2,228 0.00% 11.30%

Client 794 10,973 0.01% 49.64% 2,371 0.00% 11.30%

Client 795 10,973 0.01% 49.65% 560 0.00% 11.30%

Client 796 10,966 0.01% 49.67% 1,184 0.00% 11.31%

Client 797 10,959 0.01% 49.68% 492 0.00% 11.31%

Client 798 10,938 0.01% 49.69% 1,130 0.00% 11.31%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 757 11,676 0.01% 49.13% 5,392 0.01% 11.11%

Client 758 11,648 0.01% 49.14% 1,522 0.00% 11.11%

Client 759 11,641 0.01% 49.16% 1,848 0.00% 11.11%

Client 760 11,637 0.01% 49.17% 3,433 0.01% 11.12%

Client 761 11,623 0.01% 49.18% 2,584 0.01% 11.13%

Client 762 11,615 0.01% 49.20% 760 0.00% 11.13%

Client 763 11,596 0.01% 49.21% 4,293 0.01% 11.14%

Client 764 11,586 0.01% 49.23% 4,898 0.01% 11.15%

Client 765 11,572 0.01% 49.24% 4,478 0.01% 11.16%

Client 766 11,555 0.01% 49.25% 2,798 0.01% 11.16%

Client 767 11,548 0.01% 49.27% 2,131 0.00% 11.17%

Client 768 11,522 0.01% 49.28% 1,352 0.00% 11.17%

Client 769 11,465 0.01% 49.30% 1,125 0.00% 11.17%

Client 770 11,462 0.01% 49.31% 624 0.00% 11.17%

Client 771 11,445 0.01% 49.32% 356 0.00% 11.17%

Client 772 11,431 0.01% 49.34% 1,561 0.00% 11.18%

Client 773 11,426 0.01% 49.35% 2,335 0.00% 11.18%

Client 774 11,411 0.01% 49.37% 5,844 0.01% 11.19%

Client 775 11,382 0.01% 49.38% 1,126 0.00% 11.20%

Client 776 11,370 0.01% 49.39% 3,799 0.01% 11.20%

Client 777 11,335 0.01% 49.41% 3,901 0.01% 11.21%





Page 54

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 820 10,597 0.01% 49.98% 2,303 0.00% 11.39%

Client 821 10,594 0.01% 49.99% 2,155 0.00% 11.39%

Client 822 10,587 0.01% 50.01% 2,094 0.00% 11.40%

Client 823 10,585 0.01% 50.02% 2,148 0.00% 11.40%

Client 824 10,578 0.01% 50.03% 267 0.00% 11.40%

Client 825 10,576 0.01% 50.05% 7,995 0.02% 11.42%

Client 826 10,575 0.01% 50.06% 1,689 0.00% 11.42%

Client 827 10,555 0.01% 50.07% 3,019 0.01% 11.43%

Client 828 10,544 0.01% 50.08% 2,289 0.00% 11.43%

Client 829 10,476 0.01% 50.10% 60 0.00% 11.43%

Client 830 10,455 0.01% 50.11% 3,020 0.01% 11.44%

Client 831 10,441 0.01% 50.12% 317 0.00% 11.44%

Client 832 10,431 0.01% 50.14% 298 0.00% 11.44%

Client 833 10,423 0.01% 50.15% 4,921 0.01% 11.45%

Client 834 10,386 0.01% 50.16% 1,963 0.00% 11.46%

Client 835 10,368 0.01% 50.17% 2,217 0.00% 11.46%

Client 836 10,365 0.01% 50.19% 445 0.00% 11.46%

Client 837 10,365 0.01% 50.20% 989 0.00% 11.46%

Client 838 10,356 0.01% 50.21% 3,409 0.01% 11.47%

Client 839 10,356 0.01% 50.22% 6,053 0.01% 11.48%

Client 840 10,353 0.01% 50.24% 1,493 0.00% 11.49%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 799 10,911 0.01% 49.71% 1,660 0.00% 11.31%

Client 800 10,868 0.01% 49.72% 1,245 0.00% 11.32%

Client 801 10,854 0.01% 49.73% 693 0.00% 11.32%

Client 802 10,830 0.01% 49.75% 3,815 0.01% 11.33%

Client 803 10,799 0.01% 49.76% 145 0.00% 11.33%

Client 804 10,796 0.01% 49.77% 1,451 0.00% 11.33%

Client 805 10,794 0.01% 49.79% 585 0.00% 11.33%

Client 806 10,768 0.01% 49.80% 292 0.00% 11.33%

Client 807 10,736 0.01% 49.81% 2,447 0.01% 11.34%

Client 808 10,719 0.01% 49.83% 672 0.00% 11.34%

Client 809 10,718 0.01% 49.84% 2,346 0.00% 11.34%

Client 810 10,690 0.01% 49.85% 5,539 0.01% 11.35%

Client 811 10,681 0.01% 49.86% 1,058 0.00% 11.36%

Client 812 10,671 0.01% 49.88% 546 0.00% 11.36%

Client 813 10,669 0.01% 49.89% 1,801 0.00% 11.36%

Client 814 10,658 0.01% 49.90% 159 0.00% 11.36%

Client 815 10,651 0.01% 49.92% 3,616 0.01% 11.37%

Client 816 10,646 0.01% 49.93% 4,090 0.01% 11.38%

Client 817 10,626 0.01% 49.94% 1,291 0.00% 11.38%

Client 818 10,618 0.01% 49.96% 1,123 0.00% 11.38%

Client 819 10,606 0.01% 49.97% 238 0.00% 11.38%





Page 55

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 862 10,218 0.01% 50.51% 2,675 0.01% 11.62%

Client 863 10,190 0.01% 50.53% 6,691 0.01% 11.63%

Client 864 10,179 0.01% 50.54% 2,976 0.01% 11.64%

Client 865 10,170 0.01% 50.55% 2,771 0.01% 11.64%

Client 866 10,133 0.01% 50.56% 2,853 0.01% 11.65%

Client 867 10,117 0.01% 50.58% 910 0.00% 11.65%

Client 868 10,103 0.01% 50.59% 1,387 0.00% 11.65%

Client 869 10,096 0.01% 50.60% 1,590 0.00% 11.66%

Client 870 10,092 0.01% 50.61% 422 0.00% 11.66%

Client 871 10,092 0.01% 50.63% 1,346 0.00% 11.66%

Client 872 10,074 0.01% 50.64% 265 0.00% 11.66%

Client 873 10,028 0.01% 50.65% 369 0.00% 11.66%

Client 874 10,027 0.01% 50.66% 1,871 0.00% 11.67%

Client 875 10,015 0.01% 50.67% 3,360 0.01% 11.67%

Client 876 10,007 0.01% 50.69% 41 0.00% 11.67%

Client 877 10,001 0.01% 50.70% 614 0.00% 11.67%

Client 878 9,991 0.01% 50.71% 5,044 0.01% 11.69%

Client 879 9,989 0.01% 50.72% 1,486 0.00% 11.69%

Client 880 9,977 0.01% 50.74% 1,561 0.00% 11.69%

Client 881 9,976 0.01% 50.75% 1,139 0.00% 11.69%

Client 882 9,973 0.01% 50.76% 419 0.00% 11.70%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 841 10,338 0.01% 50.25% 487 0.00% 11.49%

Client 842 10,328 0.01% 50.26% 5,700 0.01% 11.50%

Client 843 10,319 0.01% 50.28% 1,831 0.00% 11.50%

Client 844 10,319 0.01% 50.29% 3,264 0.01% 11.51%

Client 845 10,313 0.01% 50.30% 1,785 0.00% 11.51%

Client 846 10,305 0.01% 50.31% 1,288 0.00% 11.52%

Client 847 10,304 0.01% 50.33% 1,006 0.00% 11.52%

Client 848 10,303 0.01% 50.34% 4,618 0.01% 11.53%

Client 849 10,302 0.01% 50.35% 1,371 0.00% 11.53%

Client 850 10,301 0.01% 50.36% 2,434 0.01% 11.54%

Client 851 10,295 0.01% 50.38% 3,613 0.01% 11.54%

Client 852 10,284 0.01% 50.39% 3,038 0.01% 11.55%

Client 853 10,283 0.01% 50.40% 1,811 0.00% 11.55%

Client 854 10,281 0.01% 50.41% 1,055 0.00% 11.56%

Client 855 10,277 0.01% 50.43% 3,951 0.01% 11.56%

Client 856 10,276 0.01% 50.44% 1,423 0.00% 11.57%

Client 857 10,258 0.01% 50.45% 2,620 0.01% 11.57%

Client 858 10,252 0.01% 50.46% 11,006 0.02% 11.60%

Client 859 10,252 0.01% 50.48% 3,200 0.01% 11.60%

Client 860 10,240 0.01% 50.49% 2,635 0.01% 11.61%

Client 861 10,219 0.01% 50.50% 1,643 0.00% 11.61%





Page 56

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 904 9,717 0.01% 51.02% 1,655 0.00% 11.79%

Client 905 9,717 0.01% 51.04% 171 0.00% 11.79%

Client 906 9,704 0.01% 51.05% 2,886 0.01% 11.80%

Client 907 9,683 0.01% 51.06% 4,239 0.01% 11.81%

Client 908 9,674 0.01% 51.07% 1,287 0.00% 11.81%

Client 909 9,671 0.01% 51.08% 582 0.00% 11.81%

Client 910 9,629 0.01% 51.10% 1,856 0.00% 11.82%

Client 911 9,627 0.01% 51.11% 1,041 0.00% 11.82%

Client 912 9,625 0.01% 51.12% 438 0.00% 11.82%

Client 913 9,606 0.01% 51.13% 2,937 0.01% 11.83%

Client 914 9,606 0.01% 51.14% 2,754 0.01% 11.83%

Client 915 9,590 0.01% 51.15% 6,569 0.01% 11.84%

Client 916 9,585 0.01% 51.17% 1,025 0.00% 11.85%

Client 917 9,585 0.01% 51.18% 955 0.00% 11.85%

Client 918 9,575 0.01% 51.19% 6,476 0.01% 11.86%

Client 919 9,559 0.01% 51.20% 1,596 0.00% 11.87%

Client 920 9,555 0.01% 51.21% 1,037 0.00% 11.87%

Client 921 9,548 0.01% 51.22% 604 0.00% 11.87%

Client 922 9,546 0.01% 51.24% 149 0.00% 11.87%

Client 923 9,519 0.01% 51.25% 1,235 0.00% 11.87%

Client 924 9,508 0.01% 51.26% 479 0.00% 11.87%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 883 9,964 0.01% 50.77% 6,306 0.01% 11.71%

Client 884 9,950 0.01% 50.78% 3,039 0.01% 11.71%

Client 885 9,923 0.01% 50.80% 949 0.00% 11.72%

Client 886 9,922 0.01% 50.81% 665 0.00% 11.72%

Client 887 9,919 0.01% 50.82% 3,305 0.01% 11.73%

Client 888 9,909 0.01% 50.83% 345 0.00% 11.73%

Client 889 9,903 0.01% 50.85% 353 0.00% 11.73%

Client 890 9,889 0.01% 50.86% 224 0.00% 11.73%

Client 891 9,878 0.01% 50.87% 3,182 0.01% 11.73%

Client 892 9,867 0.01% 50.88% 1,556 0.00% 11.74%

Client 893 9,865 0.01% 50.89% 4,734 0.01% 11.75%

Client 894 9,857 0.01% 50.91% 2,701 0.01% 11.75%

Client 895 9,828 0.01% 50.92% 1,528 0.00% 11.76%

Client 896 9,797 0.01% 50.93% 5,711 0.01% 11.77%

Client 897 9,792 0.01% 50.94% 439 0.00% 11.77%

Client 898 9,785 0.01% 50.95% 1,120 0.00% 11.77%

Client 899 9,756 0.01% 50.97% 946 0.00% 11.77%

Client 900 9,753 0.01% 50.98% 1,828 0.00% 11.78%

Client 901 9,732 0.01% 50.99% 1,269 0.00% 11.78%

Client 902 9,722 0.01% 51.00% 2,468 0.01% 11.78%

Client 903 9,718 0.01% 51.01% 2,245 0.00% 11.79%





Page 57

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 946 9,305 0.01% 51.51% 1,662 0.00% 11.99%

Client 947 9,305 0.01% 51.52% 575 0.00% 11.99%

Client 948 9,294 0.01% 51.53% 435 0.00% 11.99%

Client 949 9,293 0.01% 51.55% 737 0.00% 12.00%

Client 950 9,289 0.01% 51.56% 1,905 0.00% 12.00%

Client 951 9,280 0.01% 51.57% 89 0.00% 12.00%

Client 952 9,261 0.01% 51.58% 2,459 0.01% 12.01%

Client 953 9,261 0.01% 51.59% 4,056 0.01% 12.01%

Client 954 9,257 0.01% 51.60% 553 0.00% 12.01%

Client 955 9,248 0.01% 51.61% 2,557 0.01% 12.02%

Client 956 9,242 0.01% 51.63% 385 0.00% 12.02%

Client 957 9,235 0.01% 51.64% 2,181 0.00% 12.03%

Client 958 9,208 0.01% 51.65% 142 0.00% 12.03%

Client 959 9,191 0.01% 51.66% 859 0.00% 12.03%

Client 960 9,191 0.01% 51.67% 343 0.00% 12.03%

Client 961 9,168 0.01% 51.68% 2,859 0.01% 12.03%

Client 962 9,160 0.01% 51.69% 1,234 0.00% 12.04%

Client 963 9,129 0.01% 51.70% 1,552 0.00% 12.04%

Client 964 9,105 0.01% 51.72% 2,605 0.01% 12.05%

Client 965 9,103 0.01% 51.73% 140 0.00% 12.05%

Client 966 9,097 0.01% 51.74% 574 0.00% 12.05%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 925 9,505 0.01% 51.27% 1,354 0.00% 11.88%

Client 926 9,503 0.01% 51.28% 5,527 0.01% 11.89%

Client 927 9,478 0.01% 51.29% 3,848 0.01% 11.90%

Client 928 9,459 0.01% 51.31% 1,776 0.00% 11.90%

Client 929 9,457 0.01% 51.32% 1,948 0.00% 11.90%

Client 930 9,442 0.01% 51.33% 2,081 0.00% 11.91%

Client 931 9,432 0.01% 51.34% 4,695 0.01% 11.92%

Client 932 9,423 0.01% 51.35% 2,058 0.00% 11.92%

Client 933 9,404 0.01% 51.36% 922 0.00% 11.92%

Client 934 9,391 0.01% 51.37% 943 0.00% 11.93%

Client 935 9,389 0.01% 51.39% 3,920 0.01% 11.93%

Client 936 9,386 0.01% 51.40% 4,268 0.01% 11.94%

Client 937 9,379 0.01% 51.41% 4,984 0.01% 11.95%

Client 938 9,377 0.01% 51.42% 1,624 0.00% 11.96%

Client 939 9,375 0.01% 51.43% 2,116 0.00% 11.96%

Client 940 9,374 0.01% 51.44% 468 0.00% 11.96%

Client 941 9,352 0.01% 51.46% 2,286 0.00% 11.97%

Client 942 9,352 0.01% 51.47% 4,658 0.01% 11.98%

Client 943 9,342 0.01% 51.48% 1,848 0.00% 11.98%

Client 944 9,321 0.01% 51.49% 2,718 0.01% 11.99%

Client 945 9,321 0.01% 51.50% 831 0.00% 11.99%





Page 58

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 988 8,878 0.01% 51.98% 772 0.00% 12.12%

Client 989 8,855 0.01% 51.99% 2,192 0.00% 12.13%

Client 990 8,842 0.01% 52.00% 1,677 0.00% 12.13%

Client 991 8,814 0.01% 52.01% 153 0.00% 12.13%

Client 992 8,809 0.01% 52.02% 1,498 0.00% 12.14%

Client 993 8,797 0.01% 52.03% 1,915 0.00% 12.14%

Client 994 8,789 0.01% 52.04% 426 0.00% 12.14%

Client 995 8,765 0.01% 52.05% 2,181 0.00% 12.15%

Client 996 8,753 0.01% 52.07% 1,055 0.00% 12.15%

Client 997 8,752 0.01% 52.08% 4,781 0.01% 12.16%

Client 998 8,732 0.01% 52.09% 3,966 0.01% 12.17%

Client 999 8,718 0.01% 52.10% 1,465 0.00% 12.17%

Client 1000 8,717 0.01% 52.11% 973 0.00% 12.17%

Client 1001 8,710 0.01% 52.12% 1,540 0.00% 12.17%

Client 1002 8,685 0.01% 52.13% 1,699 0.00% 12.18%

Client 1003 8,681 0.01% 52.14% 2,924 0.01% 12.18%

Client 1004 8,675 0.01% 52.15% 220 0.00% 12.18%

Client 1005 8,672 0.01% 52.16% 2,795 0.01% 12.19%

Client 1006 8,654 0.01% 52.17% 2,791 0.01% 12.20%

Client 1007 8,652 0.01% 52.18% 1,594 0.00% 12.20%

Client 1008 8,651 0.01% 52.19% 1,978 0.00% 12.20%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 967 9,080 0.01% 51.75% 430 0.00% 12.05%

Client 968 9,070 0.01% 51.76% 1,984 0.00% 12.05%

Client 969 9,063 0.01% 51.77% 1,292 0.00% 12.05%

Client 970 9,055 0.01% 51.78% 4,653 0.01% 12.06%

Client 971 9,024 0.01% 51.79% 60 0.00% 12.06%

Client 972 9,022 0.01% 51.80% 770 0.00% 12.07%

Client 973 9,009 0.01% 51.81% 325 0.00% 12.07%

Client 974 8,997 0.01% 51.83% 267 0.00% 12.07%

Client 975 8,990 0.01% 51.84% 3,131 0.01% 12.07%

Client 976 8,989 0.01% 51.85% 2,473 0.01% 12.08%

Client 977 8,979 0.01% 51.86% 428 0.00% 12.08%

Client 978 8,977 0.01% 51.87% 6,975 0.01% 12.09%

Client 979 8,966 0.01% 51.88% 1,253 0.00% 12.10%

Client 980 8,954 0.01% 51.89% 2,115 0.00% 12.10%

Client 981 8,952 0.01% 51.90% 330 0.00% 12.10%

Client 982 8,946 0.01% 51.91% 2,931 0.01% 12.11%

Client 983 8,928 0.01% 51.92% 1,358 0.00% 12.11%

Client 984 8,927 0.01% 51.94% 3,816 0.01% 12.12%

Client 985 8,923 0.01% 51.95% 346 0.00% 12.12%

Client 986 8,921 0.01% 51.96% 337 0.00% 12.12%

Client 987 8,886 0.01% 51.97% 540 0.00% 12.12%





Page 59

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1030 8,347 0.01% 52.42% 813 0.00% 12.28%

Client 1031 8,337 0.01% 52.43% 920 0.00% 12.28%

Client 1032 8,305 0.01% 52.44% 886 0.00% 12.28%

Client 1033 8,296 0.01% 52.45% 4,871 0.01% 12.29%

Client 1034 8,290 0.01% 52.46% 274 0.00% 12.29%

Client 1035 8,289 0.01% 52.47% 125 0.00% 12.29%

Client 1036 8,288 0.01% 52.48% 699 0.00% 12.29%

Client 1037 8,278 0.01% 52.49% 1,003 0.00% 12.29%

Client 1038 8,277 0.01% 52.50% 1,427 0.00% 12.30%

Client 1039 8,275 0.01% 52.51% 2,390 0.01% 12.30%

Client 1040 8,271 0.01% 52.52% 3,578 0.01% 12.31%

Client 1041 8,266 0.01% 52.53% 5,244 0.01% 12.32%

Client 1042 8,264 0.01% 52.54% 2,760 0.01% 12.33%

Client 1043 8,260 0.01% 52.55% 1,688 0.00% 12.33%

Client 1044 8,248 0.01% 52.56% 2,116 0.00% 12.33%

Client 1045 8,238 0.01% 52.57% 2,721 0.01% 12.34%

Client 1046 8,236 0.01% 52.58% 833 0.00% 12.34%

Client 1047 8,235 0.01% 52.59% 2,446 0.01% 12.35%

Client 1048 8,231 0.01% 52.60% 70 0.00% 12.35%

Client 1049 8,229 0.01% 52.61% 856 0.00% 12.35%

Client 1050 8,208 0.01% 52.62% 1,270 0.00% 12.35%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1009 8,649 0.01% 52.20% 315 0.00% 12.20%

Client 1010 8,645 0.01% 52.21% 2,206 0.00% 12.21%

Client 1011 8,634 0.01% 52.22% 1,772 0.00% 12.21%

Client 1012 8,583 0.01% 52.23% 5,834 0.01% 12.22%

Client 1013 8,581 0.01% 52.25% 2,511 0.01% 12.23%

Client 1014 8,570 0.01% 52.26% 1,300 0.00% 12.23%

Client 1015 8,553 0.01% 52.27% 716 0.00% 12.23%

Client 1016 8,546 0.01% 52.28% 639 0.00% 12.24%

Client 1017 8,545 0.01% 52.29% 378 0.00% 12.24%

Client 1018 8,539 0.01% 52.30% 277 0.00% 12.24%

Client 1019 8,516 0.01% 52.31% 2,501 0.01% 12.24%

Client 1020 8,512 0.01% 52.32% 432 0.00% 12.24%

Client 1021 8,491 0.01% 52.33% 2,260 0.00% 12.25%

Client 1022 8,440 0.01% 52.34% 544 0.00% 12.25%

Client 1023 8,438 0.01% 52.35% 1,380 0.00% 12.25%

Client 1024 8,435 0.01% 52.36% 1,154 0.00% 12.25%

Client 1025 8,421 0.01% 52.37% 3,327 0.01% 12.26%

Client 1026 8,414 0.01% 52.38% 475 0.00% 12.26%

Client 1027 8,408 0.01% 52.39% 1,583 0.00% 12.27%

Client 1028 8,400 0.01% 52.40% 2,848 0.01% 12.27%

Client 1029 8,400 0.01% 52.41% 1,118 0.00% 12.27%





Page 60

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1072 7,967 0.01% 52.84% 2,506 0.01% 12.42%

Client 1073 7,963 0.01% 52.85% 2,812 0.01% 12.42%

Client 1074 7,951 0.01% 52.86% 3,044 0.01% 12.43%

Client 1075 7,926 0.01% 52.87% 3,226 0.01% 12.44%

Client 1076 7,924 0.01% 52.88% 1,975 0.00% 12.44%

Client 1077 7,920 0.01% 52.89% 1,208 0.00% 12.44%

Client 1078 7,906 0.01% 52.90% 1,492 0.00% 12.45%

Client 1079 7,890 0.01% 52.91% 1,707 0.00% 12.45%

Client 1080 7,888 0.01% 52.92% 3,544 0.01% 12.46%

Client 1081 7,885 0.01% 52.93% 1,924 0.00% 12.46%

Client 1082 7,860 0.01% 52.94% 41 0.00% 12.46%

Client 1083 7,858 0.01% 52.95% 4,392 0.01% 12.47%

Client 1084 7,854 0.01% 52.96% 1,060 0.00% 12.47%

Client 1085 7,853 0.01% 52.97% 1,327 0.00% 12.47%

Client 1086 7,851 0.01% 52.98% 743 0.00% 12.48%

Client 1087 7,847 0.01% 52.99% 1,734 0.00% 12.48%

Client 1088 7,843 0.01% 52.99% 1,049 0.00% 12.48%

Client 1089 7,830 0.01% 53.00% 1,528 0.00% 12.49%

Client 1090 7,826 0.01% 53.01% 6,535 0.01% 12.50%

Client 1091 7,823 0.01% 53.02% 1,031 0.00% 12.50%

Client 1092 7,802 0.01% 53.03% 1,760 0.00% 12.51%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1051 8,205 0.01% 52.63% 2,740 0.01% 12.36%

Client 1052 8,199 0.01% 52.64% 979 0.00% 12.36%

Client 1053 8,194 0.01% 52.65% 1,546 0.00% 12.36%

Client 1054 8,187 0.01% 52.66% 832 0.00% 12.36%

Client 1055 8,162 0.01% 52.67% 1,097 0.00% 12.37%

Client 1056 8,147 0.01% 52.68% 407 0.00% 12.37%

Client 1057 8,141 0.01% 52.69% 2,751 0.01% 12.37%

Client 1058 8,122 0.01% 52.70% 136 0.00% 12.37%

Client 1059 8,093 0.01% 52.71% 373 0.00% 12.37%

Client 1060 8,090 0.01% 52.72% 1,990 0.00% 12.38%

Client 1061 8,087 0.01% 52.73% 178 0.00% 12.38%

Client 1062 8,067 0.01% 52.74% 119 0.00% 12.38%

Client 1063 8,047 0.01% 52.75% 875 0.00% 12.38%

Client 1064 8,039 0.01% 52.76% 939 0.00% 12.38%

Client 1065 8,034 0.01% 52.77% 2,770 0.01% 12.39%

Client 1066 7,994 0.01% 52.78% 3,864 0.01% 12.40%

Client 1067 7,986 0.01% 52.79% 4,234 0.01% 12.41%

Client 1068 7,985 0.01% 52.80% 341 0.00% 12.41%

Client 1069 7,981 0.01% 52.81% 1,039 0.00% 12.41%

Client 1070 7,973 0.01% 52.82% 781 0.00% 12.41%

Client 1071 7,971 0.01% 52.83% 520 0.00% 12.41%





Page 61

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1114 7,623 0.01% 53.24% 1,107 0.00% 12.58%

Client 1115 7,612 0.01% 53.25% 2,336 0.00% 12.59%

Client 1116 7,611 0.01% 53.26% 5,159 0.01% 12.60%

Client 1117 7,598 0.01% 53.27% 1,125 0.00% 12.60%

Client 1118 7,597 0.01% 53.28% 1,318 0.00% 12.60%

Client 1119 7,567 0.01% 53.29% 298 0.00% 12.60%

Client 1120 7,559 0.01% 53.30% 1,862 0.00% 12.61%

Client 1121 7,555 0.01% 53.31% 602 0.00% 12.61%

Client 1122 7,543 0.01% 53.31% 2,176 0.00% 12.61%

Client 1123 7,530 0.01% 53.32% 948 0.00% 12.61%

Client 1124 7,529 0.01% 53.33% 778 0.00% 12.62%

Client 1125 7,479 0.01% 53.34% 60 0.00% 12.62%

Client 1126 7,473 0.01% 53.35% 4,083 0.01% 12.62%

Client 1127 7,468 0.01% 53.36% 2,900 0.01% 12.63%

Client 1128 7,454 0.01% 53.37% 5,985 0.01% 12.64%

Client 1129 7,448 0.01% 53.38% 1,829 0.00% 12.65%

Client 1130 7,421 0.01% 53.39% 2,577 0.01% 12.65%

Client 1131 7,417 0.01% 53.40% 170 0.00% 12.65%

Client 1132 7,416 0.01% 53.41% 6,548 0.01% 12.67%

Client 1133 7,412 0.01% 53.41% 1,135 0.00% 12.67%

Client 1134 7,401 0.01% 53.42% 1,302 0.00% 12.67%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1093 7,799 0.01% 53.04% 1,933 0.00% 12.51%

Client 1094 7,788 0.01% 53.05% 2,667 0.01% 12.51%

Client 1095 7,787 0.01% 53.06% 619 0.00% 12.52%

Client 1096 7,782 0.01% 53.07% 87 0.00% 12.52%

Client 1097 7,770 0.01% 53.08% 4,143 0.01% 12.52%

Client 1098 7,754 0.01% 53.09% 569 0.00% 12.53%

Client 1099 7,747 0.01% 53.10% 4,993 0.01% 12.54%

Client 1100 7,735 0.01% 53.11% 476 0.00% 12.54%

Client 1101 7,735 0.01% 53.12% 1,103 0.00% 12.54%

Client 1102 7,711 0.01% 53.13% 1,937 0.00% 12.54%

Client 1103 7,708 0.01% 53.14% 1,595 0.00% 12.55%

Client 1104 7,708 0.01% 53.15% 2,565 0.01% 12.55%

Client 1105 7,682 0.01% 53.16% 1,581 0.00% 12.56%

Client 1106 7,664 0.01% 53.17% 95 0.00% 12.56%

Client 1107 7,664 0.01% 53.17% 596 0.00% 12.56%

Client 1108 7,663 0.01% 53.18% 56 0.00% 12.56%

Client 1109 7,657 0.01% 53.19% 1,642 0.00% 12.56%

Client 1110 7,653 0.01% 53.20% 1,152 0.00% 12.56%

Client 1111 7,649 0.01% 53.21% 2,609 0.01% 12.57%

Client 1112 7,632 0.01% 53.22% 2,538 0.01% 12.57%

Client 1113 7,626 0.01% 53.23% 1,854 0.00% 12.58%





Page 62

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1156 7,232 0.01% 53.62% 456 0.00% 12.73%

Client 1157 7,229 0.01% 53.63% 3,665 0.01% 12.74%

Client 1158 7,228 0.01% 53.64% 3,512 0.01% 12.75%

Client 1159 7,226 0.01% 53.65% 1,009 0.00% 12.75%

Client 1160 7,219 0.01% 53.66% 5,727 0.01% 12.76%

Client 1161 7,202 0.01% 53.66% 371 0.00% 12.76%

Client 1162 7,197 0.01% 53.67% 1,043 0.00% 12.77%

Client 1163 7,192 0.01% 53.68% 2,064 0.00% 12.77%

Client 1164 7,186 0.01% 53.69% 1,756 0.00% 12.77%

Client 1165 7,179 0.01% 53.70% 1,341 0.00% 12.78%

Client 1166 7,176 0.01% 53.71% 4,101 0.01% 12.79%

Client 1167 7,171 0.01% 53.72% 2,200 0.00% 12.79%

Client 1168 7,165 0.01% 53.73% 1,409 0.00% 12.79%

Client 1169 7,162 0.01% 53.73% 855 0.00% 12.79%

Client 1170 7,141 0.01% 53.74% 373 0.00% 12.80%

Client 1171 7,109 0.01% 53.75% 102 0.00% 12.80%

Client 1172 7,102 0.01% 53.76% 1,672 0.00% 12.80%

Client 1173 7,100 0.01% 53.77% 2,720 0.01% 12.81%

Client 1174 7,093 0.01% 53.78% 1,680 0.00% 12.81%

Client 1175 7,086 0.01% 53.79% 1,268 0.00% 12.81%

Client 1176 7,084 0.01% 53.80% 1,012 0.00% 12.81%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1135 7,396 0.01% 53.43% 906 0.00% 12.67%

Client 1136 7,378 0.01% 53.44% 817 0.00% 12.67%

Client 1137 7,369 0.01% 53.45% 1,742 0.00% 12.68%

Client 1138 7,362 0.01% 53.46% 745 0.00% 12.68%

Client 1139 7,349 0.01% 53.47% 278 0.00% 12.68%

Client 1140 7,339 0.01% 53.48% 1,100 0.00% 12.68%

Client 1141 7,328 0.01% 53.49% 2,622 0.01% 12.69%

Client 1142 7,323 0.01% 53.50% 1,320 0.00% 12.69%

Client 1143 7,317 0.01% 53.50% 2,812 0.01% 12.70%

Client 1144 7,311 0.01% 53.51% 747 0.00% 12.70%

Client 1145 7,291 0.01% 53.52% 1,222 0.00% 12.70%

Client 1146 7,280 0.01% 53.53% 160 0.00% 12.70%

Client 1147 7,271 0.01% 53.54% 3,339 0.01% 12.71%

Client 1148 7,271 0.01% 53.55% 2,787 0.01% 12.71%

Client 1149 7,269 0.01% 53.56% 801 0.00% 12.72%

Client 1150 7,251 0.01% 53.57% 2,071 0.00% 12.72%

Client 1151 7,250 0.01% 53.58% 521 0.00% 12.72%

Client 1152 7,241 0.01% 53.58% 1,216 0.00% 12.72%

Client 1153 7,239 0.01% 53.59% 1,510 0.00% 12.73%

Client 1154 7,236 0.01% 53.60% 299 0.00% 12.73%

Client 1155 7,234 0.01% 53.61% 2,355 0.00% 12.73%





Page 63

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1198 6,932 0.01% 53.98% 38 0.00% 12.88%

Client 1199 6,931 0.01% 53.99% 2,034 0.00% 12.88%

Client 1200 6,924 0.01% 54.00% 1,415 0.00% 12.88%

Client 1201 6,922 0.01% 54.01% 70 0.00% 12.88%

Client 1202 6,911 0.01% 54.02% 154 0.00% 12.88%

Client 1203 6,894 0.01% 54.03% 3,031 0.01% 12.89%

Client 1204 6,884 0.01% 54.03% 2,179 0.00% 12.89%

Client 1205 6,883 0.01% 54.04% 1,892 0.00% 12.90%

Client 1206 6,874 0.01% 54.05% 64 0.00% 12.90%

Client 1207 6,869 0.01% 54.06% 1,220 0.00% 12.90%

Client 1208 6,866 0.01% 54.07% 454 0.00% 12.90%

Client 1209 6,865 0.01% 54.08% 203 0.00% 12.90%

Client 1210 6,864 0.01% 54.08% 1,186 0.00% 12.90%

Client 1211 6,861 0.01% 54.09% 4,902 0.01% 12.91%

Client 1212 6,861 0.01% 54.10% 1,316 0.00% 12.92%

Client 1213 6,852 0.01% 54.11% 824 0.00% 12.92%

Client 1214 6,848 0.01% 54.12% 278 0.00% 12.92%

Client 1215 6,844 0.01% 54.13% 1,514 0.00% 12.92%

Client 1216 6,841 0.01% 54.14% 292 0.00% 12.92%

Client 1217 6,840 0.01% 54.14% 490 0.00% 12.92%

Client 1218 6,835 0.01% 54.15% 622 0.00% 12.93%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1177 7,082 0.01% 53.80% 2,374 0.00% 12.82%

Client 1178 7,070 0.01% 53.81% 2,131 0.00% 12.82%

Client 1179 7,069 0.01% 53.82% 1,384 0.00% 12.83%

Client 1180 7,067 0.01% 53.83% 2,204 0.00% 12.83%

Client 1181 7,050 0.01% 53.84% 2,187 0.00% 12.83%

Client 1182 7,048 0.01% 53.85% 193 0.00% 12.84%

Client 1183 7,047 0.01% 53.86% 1,177 0.00% 12.84%

Client 1184 7,047 0.01% 53.86% 2,856 0.01% 12.84%

Client 1185 7,034 0.01% 53.87% 1,747 0.00% 12.85%

Client 1186 7,031 0.01% 53.88% 83 0.00% 12.85%

Client 1187 7,030 0.01% 53.89% 2,799 0.01% 12.85%

Client 1188 7,029 0.01% 53.90% 1,079 0.00% 12.86%

Client 1189 7,027 0.01% 53.91% 2,197 0.00% 12.86%

Client 1190 7,025 0.01% 53.92% 220 0.00% 12.86%

Client 1191 7,020 0.01% 53.92% 1,553 0.00% 12.86%

Client 1192 6,995 0.01% 53.93% 1,382 0.00% 12.87%

Client 1193 6,990 0.01% 53.94% 1,751 0.00% 12.87%

Client 1194 6,983 0.01% 53.95% 286 0.00% 12.87%

Client 1195 6,980 0.01% 53.96% 875 0.00% 12.87%

Client 1196 6,976 0.01% 53.97% 448 0.00% 12.87%

Client 1197 6,955 0.01% 53.98% 513 0.00% 12.88%





Page 64

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1240 6,710 0.01% 54.33% 1,240 0.00% 12.98%

Client 1241 6,700 0.01% 54.34% 1,592 0.00% 12.99%

Client 1242 6,697 0.01% 54.35% 2,088 0.00% 12.99%

Client 1243 6,678 0.01% 54.36% 1,603 0.00% 12.99%

Client 1244 6,671 0.01% 54.37% 2,636 0.01% 13.00%

Client 1245 6,666 0.01% 54.38% 1,418 0.00% 13.00%

Client 1246 6,663 0.01% 54.38% 1,647 0.00% 13.01%

Client 1247 6,658 0.01% 54.39% 1,341 0.00% 13.01%

Client 1248 6,650 0.01% 54.40% 39 0.00% 13.01%

Client 1249 6,646 0.01% 54.41% 1,559 0.00% 13.01%

Client 1250 6,646 0.01% 54.42% 1,219 0.00% 13.02%

Client 1251 6,637 0.01% 54.42% 562 0.00% 13.02%

Client 1252 6,617 0.01% 54.43% 1,725 0.00% 13.02%

Client 1253 6,616 0.01% 54.44% 1,060 0.00% 13.02%

Client 1254 6,608 0.01% 54.45% 419 0.00% 13.02%

Client 1255 6,602 0.01% 54.46% 895 0.00% 13.03%

Client 1256 6,601 0.01% 54.46% 624 0.00% 13.03%

Client 1257 6,597 0.01% 54.47% 841 0.00% 13.03%

Client 1258 6,584 0.01% 54.48% 137 0.00% 13.03%

Client 1259 6,584 0.01% 54.49% 792 0.00% 13.03%

Client 1260 6,582 0.01% 54.50% 678 0.00% 13.03%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1219 6,834 0.01% 54.16% 2,082 0.00% 12.93%

Client 1220 6,826 0.01% 54.17% 1,536 0.00% 12.93%

Client 1221 6,825 0.01% 54.18% 1,734 0.00% 12.94%

Client 1222 6,823 0.01% 54.19% 2,197 0.00% 12.94%

Client 1223 6,818 0.01% 54.19% 923 0.00% 12.94%

Client 1224 6,814 0.01% 54.20% 1,517 0.00% 12.95%

Client 1225 6,803 0.01% 54.21% 640 0.00% 12.95%

Client 1226 6,801 0.01% 54.22% 627 0.00% 12.95%

Client 1227 6,797 0.01% 54.23% 2,122 0.00% 12.95%

Client 1228 6,797 0.01% 54.24% 106 0.00% 12.95%

Client 1229 6,791 0.01% 54.24% 1,549 0.00% 12.96%

Client 1230 6,790 0.01% 54.25% 2,449 0.01% 12.96%

Client 1231 6,783 0.01% 54.26% 544 0.00% 12.96%

Client 1232 6,781 0.01% 54.27% 614 0.00% 12.97%

Client 1233 6,762 0.01% 54.28% 515 0.00% 12.97%

Client 1234 6,759 0.01% 54.28% 1,829 0.00% 12.97%

Client 1235 6,753 0.01% 54.29% 418 0.00% 12.97%

Client 1236 6,738 0.01% 54.30% 2,817 0.01% 12.98%

Client 1237 6,732 0.01% 54.31% 70 0.00% 12.98%

Client 1238 6,731 0.01% 54.32% 874 0.00% 12.98%

Client 1239 6,716 0.01% 54.33% 1,019 0.00% 12.98%





Page 65

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1282 6,478 0.01% 54.67% 1,603 0.00% 13.11%

Client 1283 6,470 0.01% 54.68% 766 0.00% 13.11%

Client 1284 6,469 0.01% 54.69% 2,521 0.01% 13.12%

Client 1285 6,469 0.01% 54.70% 980 0.00% 13.12%

Client 1286 6,461 0.01% 54.70% 2,865 0.01% 13.13%

Client 1287 6,459 0.01% 54.71% 2,980 0.01% 13.13%

Client 1288 6,459 0.01% 54.72% 2,732 0.01% 13.14%

Client 1289 6,454 0.01% 54.73% 111 0.00% 13.14%

Client 1290 6,449 0.01% 54.74% 1,204 0.00% 13.14%

Client 1291 6,443 0.01% 54.74% 333 0.00% 13.14%

Client 1292 6,442 0.01% 54.75% 1,263 0.00% 13.14%

Client 1293 6,434 0.01% 54.76% 672 0.00% 13.15%

Client 1294 6,429 0.01% 54.77% 1,595 0.00% 13.15%

Client 1295 6,419 0.01% 54.77% 904 0.00% 13.15%

Client 1296 6,402 0.01% 54.78% 3,020 0.01% 13.16%

Client 1297 6,399 0.01% 54.79% 841 0.00% 13.16%

Client 1298 6,397 0.01% 54.80% 866 0.00% 13.16%

Client 1299 6,396 0.01% 54.81% 2,631 0.01% 13.17%

Client 1300 6,388 0.01% 54.81% 2,491 0.01% 13.17%

Client 1301 6,381 0.01% 54.82% 1,412 0.00% 13.18%

Client 1302 6,378 0.01% 54.83% 404 0.00% 13.18%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1261 6,581 0.01% 54.50% 1,025 0.00% 13.03%

Client 1262 6,580 0.01% 54.51% 2,932 0.01% 13.04%

Client 1263 6,576 0.01% 54.52% 3,875 0.01% 13.05%

Client 1264 6,574 0.01% 54.53% 997 0.00% 13.05%

Client 1265 6,574 0.01% 54.54% 4,793 0.01% 13.06%

Client 1266 6,570 0.01% 54.54% 1,882 0.00% 13.06%

Client 1267 6,570 0.01% 54.55% 1,752 0.00% 13.07%

Client 1268 6,552 0.01% 54.56% 50 0.00% 13.07%

Client 1269 6,551 0.01% 54.57% 947 0.00% 13.07%

Client 1270 6,545 0.01% 54.58% 1,623 0.00% 13.07%

Client 1271 6,541 0.01% 54.58% 4,001 0.01% 13.08%

Client 1272 6,535 0.01% 54.59% 51 0.00% 13.08%

Client 1273 6,534 0.01% 54.60% 77 0.00% 13.08%

Client 1274 6,533 0.01% 54.61% 1,668 0.00% 13.09%

Client 1275 6,527 0.01% 54.62% 3,195 0.01% 13.09%

Client 1276 6,519 0.01% 54.62% 4,664 0.01% 13.10%

Client 1277 6,514 0.01% 54.63% 850 0.00% 13.10%

Client 1278 6,505 0.01% 54.64% 269 0.00% 13.10%

Client 1279 6,495 0.01% 54.65% 493 0.00% 13.11%

Client 1280 6,484 0.01% 54.66% 1,025 0.00% 13.11%

Client 1281 6,481 0.01% 54.66% 447 0.00% 13.11%





Page 66

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1324 6,254 0.01% 55.00% 2,191 0.00% 13.25%

Client 1325 6,254 0.01% 55.01% 1,374 0.00% 13.25%

Client 1326 6,233 0.01% 55.01% 296 0.00% 13.25%

Client 1327 6,230 0.01% 55.02% 1,043 0.00% 13.26%

Client 1328 6,219 0.01% 55.03% 1,105 0.00% 13.26%

Client 1329 6,219 0.01% 55.04% 1,746 0.00% 13.26%

Client 1330 6,218 0.01% 55.04% 1,280 0.00% 13.26%

Client 1331 6,218 0.01% 55.05% 675 0.00% 13.27%

Client 1332 6,213 0.01% 55.06% 417 0.00% 13.27%

Client 1333 6,208 0.01% 55.07% 3,170 0.01% 13.27%

Client 1334 6,207 0.01% 55.08% 2,190 0.00% 13.28%

Client 1335 6,205 0.01% 55.08% 969 0.00% 13.28%

Client 1336 6,189 0.01% 55.09% 3,164 0.01% 13.29%

Client 1337 6,181 0.01% 55.10% 692 0.00% 13.29%

Client 1338 6,174 0.01% 55.11% 742 0.00% 13.29%

Client 1339 6,169 0.01% 55.11% 365 0.00% 13.29%

Client 1340 6,168 0.01% 55.12% 946 0.00% 13.29%

Client 1341 6,167 0.01% 55.13% 1,043 0.00% 13.29%

Client 1342 6,157 0.01% 55.14% 1,130 0.00% 13.30%

Client 1343 6,154 0.01% 55.14% 2,928 0.01% 13.30%

Client 1344 6,153 0.01% 55.15% 1,665 0.00% 13.31%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1303 6,371 0.01% 54.84% 990 0.00% 13.18%

Client 1304 6,361 0.01% 54.85% 1,684 0.00% 13.18%

Client 1305 6,355 0.01% 54.85% 1,506 0.00% 13.18%

Client 1306 6,355 0.01% 54.86% 1,977 0.00% 13.19%

Client 1307 6,354 0.01% 54.87% 5,507 0.01% 13.20%

Client 1308 6,352 0.01% 54.88% 32 0.00% 13.20%

Client 1309 6,340 0.01% 54.88% 1,199 0.00% 13.20%

Client 1310 6,327 0.01% 54.89% 1,879 0.00% 13.21%

Client 1311 6,318 0.01% 54.90% 3,302 0.01% 13.21%

Client 1312 6,308 0.01% 54.91% 2,565 0.01% 13.22%

Client 1313 6,300 0.01% 54.91% 2,168 0.00% 13.22%

Client 1314 6,299 0.01% 54.92% 676 0.00% 13.23%

Client 1315 6,295 0.01% 54.93% 429 0.00% 13.23%

Client 1316 6,287 0.01% 54.94% 1,071 0.00% 13.23%

Client 1317 6,283 0.01% 54.95% 546 0.00% 13.23%

Client 1318 6,282 0.01% 54.95% 85 0.00% 13.23%

Client 1319 6,271 0.01% 54.96% 2,614 0.01% 13.24%

Client 1320 6,265 0.01% 54.97% 134 0.00% 13.24%

Client 1321 6,261 0.01% 54.98% 1,017 0.00% 13.24%

Client 1322 6,258 0.01% 54.98% 1,706 0.00% 13.24%

Client 1323 6,257 0.01% 54.99% 1,706 0.00% 13.24%





Page 67

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1366 6,067 0.01% 55.31% 307 0.00% 13.37%

Client 1367 6,060 0.01% 55.32% 813 0.00% 13.37%

Client 1368 6,056 0.01% 55.33% 99 0.00% 13.37%

Client 1369 6,052 0.01% 55.34% 3,857 0.01% 13.38%

Client 1370 6,051 0.01% 55.34% 445 0.00% 13.38%

Client 1371 6,030 0.01% 55.35% 2,847 0.01% 13.39%

Client 1372 6,030 0.01% 55.36% 5,260 0.01% 13.40%

Client 1373 6,023 0.01% 55.37% 3,281 0.01% 13.41%

Client 1374 6,021 0.01% 55.37% 1,491 0.00% 13.41%

Client 1375 6,021 0.01% 55.38% 222 0.00% 13.41%

Client 1376 6,021 0.01% 55.39% 3,677 0.01% 13.42%

Client 1377 6,018 0.01% 55.40% 1,162 0.00% 13.42%

Client 1378 6,016 0.01% 55.40% 2,140 0.00% 13.42%

Client 1379 6,004 0.01% 55.41% 6,118 0.01% 13.44%

Client 1380 6,003 0.01% 55.42% 2,880 0.01% 13.44%

Client 1381 6,003 0.01% 55.43% 939 0.00% 13.45%

Client 1382 5,989 0.01% 55.43% 502 0.00% 13.45%

Client 1383 5,988 0.01% 55.44% 2,344 0.00% 13.45%

Client 1384 5,987 0.01% 55.45% 1,581 0.00% 13.45%

Client 1385 5,986 0.01% 55.45% 294 0.00% 13.46%

Client 1386 5,986 0.01% 55.46% 1,390 0.00% 13.46%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1345 6,149 0.01% 55.16% 392 0.00% 13.31%

Client 1346 6,144 0.01% 55.17% 2,057 0.00% 13.31%

Client 1347 6,142 0.01% 55.17% 439 0.00% 13.31%

Client 1348 6,131 0.01% 55.18% 169 0.00% 13.31%

Client 1349 6,129 0.01% 55.19% 2,913 0.01% 13.32%

Client 1350 6,128 0.01% 55.20% 618 0.00% 13.32%

Client 1351 6,127 0.01% 55.20% 519 0.00% 13.32%

Client 1352 6,124 0.01% 55.21% 461 0.00% 13.32%

Client 1353 6,123 0.01% 55.22% 934 0.00% 13.32%

Client 1354 6,121 0.01% 55.23% 1,791 0.00% 13.33%

Client 1355 6,120 0.01% 55.23% 679 0.00% 13.33%

Client 1356 6,113 0.01% 55.24% 1,535 0.00% 13.33%

Client 1357 6,110 0.01% 55.25% 1,026 0.00% 13.33%

Client 1358 6,108 0.01% 55.26% 3,429 0.01% 13.34%

Client 1359 6,102 0.01% 55.26% 336 0.00% 13.34%

Client 1360 6,095 0.01% 55.27% 1,002 0.00% 13.34%

Client 1361 6,085 0.01% 55.28% 1,423 0.00% 13.35%

Client 1362 6,084 0.01% 55.29% 3,827 0.01% 13.36%

Client 1363 6,079 0.01% 55.29% 4,247 0.01% 13.36%

Client 1364 6,074 0.01% 55.30% 953 0.00% 13.37%

Client 1365 6,072 0.01% 55.31% 2,134 0.00% 13.37%





Page 68

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1408 5,794 0.01% 55.62% 1,631 0.00% 13.53%

Client 1409 5,785 0.01% 55.63% 1,091 0.00% 13.53%

Client 1410 5,785 0.01% 55.63% 1,992 0.00% 13.54%

Client 1411 5,778 0.01% 55.64% 1,037 0.00% 13.54%

Client 1412 5,778 0.01% 55.65% 1,388 0.00% 13.54%

Client 1413 5,774 0.01% 55.66% 591 0.00% 13.54%

Client 1414 5,767 0.01% 55.66% 4,499 0.01% 13.55%

Client 1415 5,758 0.01% 55.67% 333 0.00% 13.55%

Client 1416 5,756 0.01% 55.68% 361 0.00% 13.55%

Client 1417 5,754 0.01% 55.68% 495 0.00% 13.55%

Client 1418 5,754 0.01% 55.69% 1,736 0.00% 13.56%

Client 1419 5,751 0.01% 55.70% 705 0.00% 13.56%

Client 1420 5,743 0.01% 55.70% 2,334 0.00% 13.56%

Client 1421 5,743 0.01% 55.71% 1,868 0.00% 13.57%

Client 1422 5,742 0.01% 55.72% 896 0.00% 13.57%

Client 1423 5,739 0.01% 55.73% 1,742 0.00% 13.58%

Total 1,423 largest clients 45,587,754 55.73% 6,468,281 13.58%

Other (490,589 Clients) 36,219,809 44.27% 41,159,676 86.42%

Total (492,012 Clients) 81,807,563 100.00% 47,627,957 100.00%

Client ¹

Total sum of

bills -

R$/thousand

% % Accum.Number of

bills% % Accum.

Client 1387 5,984 0.01% 55.47% 2,829 0.01% 13.46%

Client 1388 5,973 0.01% 55.48% 717 0.00% 13.47%

Client 1389 5,944 0.01% 55.48% 1,648 0.00% 13.47%

Client 1390 5,941 0.01% 55.49% 1,409 0.00% 13.47%

Client 1391 5,940 0.01% 55.50% 261 0.00% 13.47%

Client 1392 5,915 0.01% 55.51% 74 0.00% 13.47%

Client 1393 5,897 0.01% 55.51% 309 0.00% 13.47%

Client 1394 5,887 0.01% 55.52% 108 0.00% 13.47%

Client 1395 5,881 0.01% 55.53% 1,652 0.00% 13.48%

Client 1396 5,873 0.01% 55.53% 3,406 0.01% 13.48%

Client 1397 5,872 0.01% 55.54% 1,509 0.00% 13.49%

Client 1398 5,871 0.01% 55.55% 111 0.00% 13.49%

Client 1399 5,857 0.01% 55.56% 3,474 0.01% 13.50%

Client 1400 5,857 0.01% 55.56% 1,075 0.00% 13.50%

Client 1401 5,848 0.01% 55.57% 106 0.00% 13.50%

Client 1402 5,833 0.01% 55.58% 1,703 0.00% 13.50%

Client 1403 5,819 0.01% 55.58% 396 0.00% 13.50%

Client 1404 5,815 0.01% 55.59% 1,967 0.00% 13.51%

Client 1405 5,803 0.01% 55.60% 3,645 0.01% 13.51%

Client 1406 5,801 0.01% 55.61% 4,369 0.01% 13.52%

Client 1407 5,795 0.01% 55.61% 1,111 0.00% 13.53%





Page 69


Graph 11. Identification of largest clients per period

Identification of largest clients per period

Am

ou

nt

in R

$/t

ho

us

an

d

Period

100 largest clients

Other


Page 70


Table 22. Triangular matrix

The matrix below represents the average of accumulated receivables within each fortnight cycle, considering the maturity dates of the receivables. The periodshown corresponds to the maturities from July 1, 2013 to June 30, 2018.

The following procedures were defined to elaborate the maturity without extensions: (a) verifying the payment terms (negotiated term with the client) for each receivable, (b) calculating the original maturity ofthe title based on payment terms and date of issue. For 1,926 receivables the payment condition of 35 (thirty-five) days from the issuance of the receivable was considered.

FortnightReceivables

average

Standard

deviation

1 97.1658608% 1.40%

2 98.7896800% 0.92%

3 99.3909669% 0.44%

4 99.6011392% 0.32%

5 99.6890205% 0.31%

6 99.7378675% 0.22%

7 99.7836486% 0.09%

8 99.8037941% 0.08%

9 99.8186305% 0.08%

10 99.8291805% 0.07%

11 99.8370246% 0.07%

12 99.8433477% 0.06%

13 99.8493912% 0.06%

14 99.8549609% 0.05%

15 99.8665305% 0.05%

16 99.8905747% 0.05%

17 99.9172136% 0.05%

18 99.9351532% 0.04%

19 99.9456364% 0.04%

20 99.9533530% 0.03%


average

Standard

deviation

21 99.9590766% 0.03%

22 99.9631813% 0.03%

23 99.9658456% 0.02%

24 99.9676038% 0.02%

25 99.9713507% 0.02%

26 99.9800716% 0.02%

27 99.9898774% 0.01%

28 99.9936261% 0.01%

29 99.9944146% 0.01%

30 99.9947165% 0.01%

31 99.9949891% 0.01%

32 99.9952728% 0.01%

33 99.9954660% 0.01%

34 99.9956498% 0.01%

35 99.9957976% 0.01%

36 99.9959411% 0.01%

37 99.9961167% 0.01%

38 99.9964204% 0.01%

39 99.9965162% 0.01%

40 99.9966444% 0.01%


average

Standard

deviation

41 99.9967209% 0.01%

42 99.9967734% 0.01%

43 99.9968237% 0.01%

44 99.9971945% 0.01%

45 99.9978285% 0.01%

46 99.9980428% 0.01%

47 99.9980676% 0.01%

48 99.9980878% 0.01%

49 99.9981133% 0.01%

50 99.9981880% 0.01%

51 99.9982608% 0.01%

52 99.9982942% 0.01%

53 99.9983297% 0.01%

54 99.9984173% 0.01%

55 99.9984187% 0.01%

56 99.9984379% 0.01%

57 99.9984846% 0.01%

58 99.9984942% 0.01%

59 99.9984994% 0.01%

60 99.9985015% 0.01%


Page 71


average

Standard

deviation

101 99.9999548% 0.00%

102 99.9999838% 0.00%

103 99.9999922% 0.00%

104 99.9999924% 0.00%

105 99.9999999% 0.00%

106 99.9999999% 0.00%

107 99.9999999% 0.00%

108 99.9999999% 0.00%

109 99.9999999% 0.00%

110 ########### 0.00%


average

Standard

deviation

81 99.9996676% 0.00%

82 99.9996778% 0.00%

83 99.9996868% 0.00%

84 99.9996868% 0.00%

85 99.9996868% 0.00%

86 99.9996943% 0.00%

87 99.9996943% 0.00%

88 99.9997724% 0.00%

89 99.9997724% 0.00%

90 99.9997724% 0.00%

91 99.9998097% 0.00%

92 99.9998502% 0.00%

93 99.9998502% 0.00%

94 99.9998678% 0.00%

95 99.9998753% 0.00%

96 99.9999218% 0.00%

97 99.9999502% 0.00%

98 99.9999502% 0.00%

99 99.9999502% 0.00%

100 99.9999502% 0.00%


Table 22. Triangular matrix - continued


average

Standard

deviation

61 99.9985467% 0.01%

62 99.9986213% 0.01%

63 99.9986433% 0.01%

64 99.9986761% 0.01%

65 99.9987343% 0.01%

66 99.9987394% 0.01%

67 99.9987437% 0.01%

68 99.9988057% 0.01%

69 99.9989550% 0.01%

70 99.9989760% 0.01%

71 99.9989760% 0.01%

72 99.9990229% 0.01%

73 99.9992424% 0.00%

74 99.9994218% 0.00%

75 99.9995239% 0.00%

76 99.9995838% 0.00%

77 99.9996119% 0.00%

78 99.9996342% 0.00%

79 99.9996539% 0.00%

80 99.9996584% 0.00%




Page 72

95,5000%

96,0000%

96,5000%

97,0000%

97,5000%

98,0000%

98,5000%

99,0000%

99,5000%

100,0000%

100,5000%

1 4 7

10

13

16

19

22

25

28

31

34

37

40

43

46

49

52

55

58

61

64

67

70

73

76

79

82

85

88

91

94

97

10

0

10

3

10

6

10

9

Receiv

able

s A

vera

ge %

Fortnight

Triangular matrix


Graph 12. Triangular matrix



Page 73


Table 23. Events of maturity extension

Period Total sum of bills

- R$/thousand

% over

portfolio

base

Number of

bills

% over

portfolio

base

Total sum of bills

- R$/thousand

Number of

bills

Jul-13 54,339 0.07% 9,655 0.02% 1,377,115 985,300

Aug-13 49,057 0.06% 8,709 0.02% 1,358,765 966,533

Sep-13 40,907 0.05% 8,529 0.02% 1,309,816 927,258

Oct-13 52,752 0.06% 11,856 0.02% 1,448,498 1,035,039

Nov-13 103,046 0.13% 19,797 0.04% 1,476,591 968,284

Dec-13 116,665 0.14% 29,048 0.06% 1,577,253 966,635

Jan-14 32,252 0.04% 7,853 0.02% 1,372,321 938,703

Feb-14 40,491 0.05% 8,301 0.02% 1,349,644 890,329

Mar-14 41,111 0.05% 7,979 0.02% 1,340,926 834,710

Apr-14 42,131 0.05% 8,382 0.02% 1,350,171 850,179

May-14 53,774 0.07% 8,758 0.02% 1,474,447 899,477

Jun-14 52,700 0.06% 8,297 0.02% 1,408,569 870,972

Jul-14 62,317 0.08% 12,140 0.03% 1,545,250 1,012,047

Aug-14 37,748 0.05% 7,893 0.02% 1,448,889 965,718

Sep-14 41,299 0.05% 9,235 0.02% 1,434,664 976,742

Oct-14 77,869 0.10% 9,838 0.02% 1,561,131 1,038,878

Nov-14 169,408 0.21% 23,098 0.05% 1,599,351 991,712

Dec-14 245,849 0.30% 69,163 0.15% 1,779,530 1,025,447

Jan-15 75,235 0.09% 10,473 0.02% 1,407,425 892,307

Feb-15 59,183 0.07% 18,111 0.04% 1,360,479 820,398

Extensions Receivables portfolio base


Page 74


- R$/thousand

% over

portfolio

base

Number of

bills

% over

portfolio

base

Total sum of bills

- R$/thousand

Number of

bills

Mar-15 55,219 0.07% 11,205 0.02% 1,501,187 927,736

Apr-15 61,655 0.08% 8,291 0.02% 1,475,841 857,344

May-15 69,214 0.08% 6,300 0.01% 1,516,490 888,868

Jun-15 66,370 0.08% 17,346 0.04% 1,318,282 781,700

Jul-15 130,729 0.16% 57,416 0.12% 1,388,609 866,864

Aug-15 57,533 0.07% 8,784 0.02% 1,259,297 785,447

Sep-15 79,422 0.10% 15,019 0.03% 1,282,718 846,738

Oct-15 78,510 0.10% 9,216 0.02% 1,358,805 756,185

Nov-15 59,917 0.07% 8,335 0.02% 1,408,109 735,463

Dec-15 134,802 0.16% 28,708 0.06% 1,554,780 817,052

Jan-16 63,358 0.08% 5,934 0.01% 1,137,915 675,912

Feb-16 41,611 0.05% 8,940 0.02% 1,092,332 649,424

Mar-16 84,155 0.10% 21,141 0.04% 1,306,772 765,212

Apr-16 76,568 0.09% 17,228 0.04% 1,212,039 670,002

May-16 72,352 0.09% 8,356 0.02% 1,271,724 680,583

Jun-16 65,506 0.08% 8,383 0.02% 1,319,219 706,167

Jul-16 77,266 0.09% 7,689 0.02% 1,257,931 677,514

Aug-16 66,114 0.08% 7,837 0.02% 1,216,246 642,002

Sep-16 57,177 0.07% 5,924 0.01% 1,240,053 654,081

Oct-16 59,037 0.07% 7,606 0.02% 1,315,583 661,829



Table 23. Events of maturity extension - continued


Page 75


- R$/thousand

% over

portfolio

base

Number of

bills

% over

portfolio

base

Total sum of bills

- R$/thousand

Number of

bills

Nov-16 96,423 0.12% 4,841 0.01% 1,471,758 687,876

Dec-16 88,074 0.11% 16,744 0.04% 1,528,300 732,187

Jan-17 46,347 0.06% 4,100 0.01% 1,232,185 664,889

Feb-17 74,247 0.09% 4,445 0.01% 1,261,368 625,890

Mar-17 82,797 0.10% 6,068 0.01% 1,358,712 673,249

Apr-17 51,275 0.06% 6,264 0.01% 1,065,710 592,257

May-17 73,994 0.09% 7,277 0.02% 1,348,743 696,605

Jun-17 64,437 0.08% 5,850 0.01% 1,275,391 655,516

Jul-17 64,044 0.08% 6,455 0.01% 1,308,265 699,794

Aug-17 55,330 0.07% 6,290 0.01% 1,337,489 732,966

Sep-17 78,587 0.10% 4,832 0.01% 1,275,044 655,023

Oct-17 105,632 0.13% 6,112 0.01% 1,375,776 708,750

Nov-17 82,497 0.10% 5,417 0.01% 1,481,480 732,804

Dec-17 80,124 0.10% 18,443 0.04% 1,503,260 745,698

Jan-18 56,790 0.07% 4,388 0.01% 1,289,990 694,718

Feb-18 60,079 0.07% 4,543 0.01% 1,206,456 641,671

Mar-18 71,648 0.09% 5,001 0.01% 1,297,754 707,356

Apr-18 56,277 0.07% 4,714 0.01% 1,246,312 695,109

May-18 60,499 0.07% 20,200 0.04% 1,026,181 601,764

Jun-18 47,471 0.06% 5,143 0.01% 1,502,621 781,044



Table 23. Events of maturity extension - continued


Page 76


Graph 13. Events of maturity extension per average term

0,00%

0,05%

0,10%

0,15%

0,20%

0,25%

0,30%

0,35%

% o

ver

port

folio

Period

Maturity extension


Page 77

Average term (in days) Total sum of bills -

R$/thousand % % Accum.

Number

of bills %

%

Accum.

Up to 7 days 2,074,486 48.23% 48.23% 552,022 77.32% 77.32%

From 8 to 15 days 984,128 22.88% 71.11% 91,206 12.78% 90.10%

From 16 to 30 days 835,033 19.41% 90.52% 48,331 6.77% 96.87%

From 31 to 60 days 356,125 8.28% 98.80% 20,097 2.82% 99.69%

From 61 to 90 days 24,287 0.56% 99.37% 722 0.10% 99.79%

From 91 to 120 days 23,964 0.56% 99.93% 1,217 0.17% 99.96%

Above 120 days 3,195 0.07% 100.00% 305 0.04% 100.00%

Total 4,301,218 100.00% 713,900 100.00%

Average term weighted by value 13 days


Table 24. Events of maturity extension per average term


Page 78

-

500

1.000

1.500

2.000

2.500

Up to 7 days From 8 to 15days

From 16 to 30days

From 31 to 60days

From 61 to 90days

From 91 to 120days

Above 120days

Am

ount in

R$ t

housand

Average term

Maturity extension


Graph 14. Events of maturity extension


Page 79


Table 25. Receivables aging-list – term

Description of levels

Total sum of

bills -

R$/thousand

% % Accum. Description of levels

Total sum of

bills -

R$/thousand

% % Accum.

Total under analysis 81,807,837

Bills overdue and not settled on June 30, 2018 113,515 0.14%

(-) Bills falling due as of June 30, 2018 1,057,466 Bills overdue and not settled within 6 days 18,631 0.02% 99.88%

Bills overdue and not settled from 7 to 11 days 5,361 0.01% 99.89%

(-) Bills issued on demand 274 Bills overdue and not settled from 12 to 15 days 1,142 0.00% 99.89%


Bills overdue and/or settled until June 30, 2018 80,750,098 100.00% Bills overdue and not settled from 31 to 60 days 9,525 0.01% 99.91%


Bills settled 80,636,583 99.86% Bills overdue and not settled from 91 to 120 days 3,621 0.00% 99.92%


Bills settled before maturity 10,169,381 12.59% Bills overdue and not settled from 151 to 180 days 2,432 0.00% 99.93%

Anticipated bills from 01 to 10 days 9,328,681 11.55% 11.55% Bills overdue and not settled above 180 days 59,432 0.07% 100.00%

Anticipated bills from 11 to 30 days 810,921 1.00% 12.56%



Anticipated bills from 91 to 120 days 32 0.00% 12.59%

Bills settled on maturity 60,767,209 75.25% 87.85%

Bills settled after maturity 9,699,993 12.01%

Bills settled from 01 to 10 days 6,422,866 7.95% 95.80%

Bills settled from 11 to 30 days 2,304,604 2.85% 98.66%

Bills settled from 31 to 60 days 652,682 0.81% 99.46%





Bills settled above 180 days 125,458 0.16% 99.86%



Page 80

Date

Opening

balance of

eligible

receivables

(+)

Receivables

sales

originated in

the month

(-) Elimination of

non-eligible

receivables -

Clients who do

not pay via

transaction slip

(-) Elimination

of non-eligible

receivables -

Base

inconsistencies

(-) Elimination

of non-eligible

receivables -

Bills issued (on

demand)

Eligible

receivables

after

eliminations

(-) Dilutions

occurred in the

month (eligible) -

reversals/returns

(-) Dilutions

occurred in

the month

(eligible) -

Canceled

(-) Partial

dilutions

occurred in

the month

(+) Partial

dilutions

occurred in

the month

Eligible

receivables

after dilutions

(+)

Fine/interest

rates

(-) Payments

made in the

eligibles

base month

(-) Write-off

(Month)

(-)

Fine/interest

rates

Closing balance

of eligible

receivables

(accumulated)

(A) (B) (C) (D) (E) (F) (G) (H) (I) (J) (K) (L) (M) (N) (O) (P)

Jul-13 - 1,858,829 436,843 3 - 1,421,983 42,026 2,845 6,102 6,102 1,377,112 2,432 397,024 - 2,432 980,089

Aug-13 980,089 1,860,171 459,537 0 105 1,400,530 37,104 4,658 7,174 7,174 1,358,768 2,151 1,283,478 - 2,151 1,055,379

Sep-13 1,055,379 1,780,244 421,378 - 0 1,358,866 42,062 6,988 5,647 5,647 1,309,816 2,443 1,326,962 - 2,443 1,038,233

Oct-13 1,038,233 1,965,823 461,196 0 - 1,504,627 49,832 6,297 5,903 5,903 1,448,498 2,435 1,420,523 - 2,435 1,066,208

Nov-13 1,066,208 2,100,697 563,845 0 1 1,536,851 51,198 9,063 6,070 6,070 1,476,591 2,297 1,302,267 - 2,297 1,240,531

Dec-13 1,240,531 2,147,398 497,528 - 4 1,649,866 66,016 6,598 5,610 5,610 1,577,253 2,311 1,595,662 - 2,311 1,222,122

Jan-14 1,222,122 1,815,284 396,139 - 3 1,419,143 42,707 4,114 6,180 6,180 1,372,321 3,028 1,530,865 42 3,028 1,063,536

Feb-14 1,063,536 1,801,007 401,373 - - 1,399,634 44,134 5,856 4,898 4,898 1,349,644 2,278 1,283,129 273 2,278 1,129,779

Mar-14 1,129,779 1,822,066 430,507 - - 1,391,559 45,651 4,982 4,876 4,876 1,340,926 2,710 1,358,808 310 2,710 1,111,587

Apr-14 1,111,587 1,800,793 398,613 - - 1,402,179 47,048 4,961 4,596 4,596 1,350,171 4,739 1,382,233 219 4,739 1,079,305

May-14 1,079,305 1,967,025 445,757 1 - 1,521,267 39,935 6,885 6,270 6,270 1,474,447 5,506 1,324,709 244 5,506 1,228,800

Jun-14 1,228,800 1,892,047 439,573 3 - 1,452,471 36,433 7,469 5,412 5,412 1,408,569 5,003 1,471,561 535 5,003 1,165,272

Jul-14 1,165,272 2,066,287 474,796 0 - 1,591,491 38,668 7,573 4,892 4,892 1,545,250 4,616 1,522,983 361 4,616 1,187,177

Aug-14 1,187,177 1,924,045 428,968 - 3 1,495,075 39,591 6,595 4,255 4,255 1,448,889 4,136 1,409,327 217 4,136 1,226,523

Sep-14 1,226,523 1,925,052 448,353 40 - 1,476,659 35,312 6,683 5,006 5,006 1,434,664 5,036 1,531,540 420 5,036 1,129,227

Oct-14 1,129,227 2,046,878 437,161 - - 1,609,717 40,980 7,605 4,038 4,038 1,561,131 4,703 1,504,149 375 4,703 1,185,835

Nov-14 1,185,835 2,186,335 532,475 13 3 1,653,844 44,047 10,446 3,757 3,757 1,599,351 4,488 1,353,098 714 4,488 1,431,373

Dec-14 1,431,373 2,359,263 515,903 17 - 1,843,343 55,729 8,084 5,634 5,634 1,779,530 5,123 1,713,764 1,669 5,123 1,495,470

Jan-15 1,495,470 1,822,655 384,183 32 17 1,438,423 24,210 6,789 4,319 4,319 1,407,425 5,542 1,684,529 226 5,542 1,218,139

Feb-15 1,218,139 1,825,088 424,274 226 3 1,400,584 33,619 6,486 4,528 4,528 1,360,479 4,094 1,327,162 263 4,094 1,251,193

Mar-15 1,251,193 2,018,595 474,084 0 7 1,544,505 37,221 6,097 4,004 4,004 1,501,187 4,635 1,556,697 274 4,635 1,195,409

Apr-15 1,195,409 1,959,300 443,369 9 - 1,515,923 34,809 5,273 4,587 4,587 1,475,841 4,243 1,435,363 591 4,243 1,235,297

May-15 1,235,297 2,026,962 468,622 2 2 1,558,336 32,519 9,327 5,450 5,450 1,516,490 4,456 1,411,750 694 4,456 1,339,343

Jun-15 1,339,343 1,737,049 383,158 - - 1,353,891 29,059 6,550 5,379 5,379 1,318,282 4,321 1,547,491 1,266 4,321 1,108,868

Map of receivables portfolio

To prepare the tables evidencing the monthly map of receivables portfolio we used the database of the period between July 1, 2013 and June 30, 2018. From the data extracted wecompiled information according to the criteria defined by the Company.



Page 81

Date

Opening

balance of

eligible

receivables

(+)

Receivables

sales

originated in

the month

(-) Elimination of

non-eligible

receivables -

Clients who do

not pay via

transaction slip

(-) Elimination

of non-eligible

receivables -

Base

inconsistencies

(-) Elimination

of non-eligible

receivables -

Bills issued (on

demand)

Eligible

receivables

after

eliminations

(-) Dilutions

occurred in the

month (eligible) -

reversals/returns

(-) Dilutions

occurred in

the month

(eligible) -

Canceled

(-) Partial

dilutions

occurred in

the month

(+) Partial

dilutions

occurred in

the month

Eligible

receivables

after dilutions

(+)

Fine/interest

rates

(-) Payments

made in the

eligibles

base month

(-) Write-off

(Month)

(-)

Fine/interest

rates

Closing balance

of eligible

receivables

(accumulated)


Jul-15 1,108,868 1,868,157 439,826 - 4 1,428,327 34,537 5,181 5,612 5,612 1,388,609 3,971 1,371,566 806 3,971 1,125,106

Aug-15 1,125,106 1,711,889 412,823 0 - 1,299,065 33,749 6,019 5,062 5,062 1,259,297 3,759 1,338,994 293 3,759 1,045,116

Sep-15 1,045,116 1,707,823 385,996 0 - 1,321,827 31,851 7,258 3,963 3,963 1,282,718 3,937 1,258,789 162 3,937 1,068,883

Oct-15 1,068,883 1,839,673 441,196 2 - 1,398,476 34,388 5,282 4,689 4,689 1,358,805 3,544 1,259,505 459 3,544 1,167,725

Nov-15 1,167,725 1,984,057 537,724 3 - 1,446,330 31,698 6,522 5,397 5,397 1,408,109 3,971 1,299,629 655 3,971 1,275,551

Dec-15 1,275,551 2,153,157 543,076 50 - 1,610,031 46,583 8,668 4,715 4,715 1,554,780 3,945 1,418,064 1,071 3,945 1,411,195

Jan-16 1,411,195 1,477,608 311,039 394 4 1,166,171 24,837 3,418 5,506 5,506 1,137,915 4,496 1,456,391 656 4,496 1,092,064

Feb-16 1,092,064 1,445,606 322,236 - - 1,123,370 25,674 5,364 5,049 5,049 1,092,332 3,605 1,254,914 296 3,605 929,185

Mar-16 929,185 1,751,093 406,847 20 - 1,344,227 33,320 4,135 4,501 4,501 1,306,772 3,516 1,255,452 663 3,516 979,842

Apr-16 979,842 1,628,611 378,661 8 - 1,249,942 33,996 3,907 4,373 4,373 1,212,039 3,277 1,151,051 302 3,277 1,040,529

May-16 1,040,529 1,706,937 393,520 24 1 1,313,392 33,687 7,981 5,339 5,339 1,271,724 3,372 1,300,846 432 3,372 1,010,974

Jun-16 1,010,974 1,773,452 415,962 - 5 1,357,486 32,962 5,304 5,269 5,269 1,319,219 3,261 1,282,499 1,445 3,261 1,046,249

Jul-16 1,046,249 1,723,577 430,762 9 - 1,292,806 29,490 5,385 4,945 4,945 1,257,931 3,001 1,215,008 2,003 3,001 1,087,170

Aug-16 1,087,170 1,607,874 360,235 1 - 1,247,638 27,803 3,589 4,702 4,702 1,216,246 3,473 1,355,002 846 3,473 947,567

Sep-16 947,567 1,647,137 372,885 27 - 1,274,226 29,483 4,689 4,307 4,307 1,240,053 2,982 1,161,983 658 2,982 1,024,979

Oct-16 1,024,979 1,797,697 437,415 54 0 1,360,228 39,399 5,246 4,418 4,418 1,315,583 3,586 1,254,479 2,310 3,586 1,083,773

Nov-16 1,083,773 2,043,462 527,959 103 1 1,515,399 36,328 7,313 4,087 4,087 1,471,758 3,144 1,248,725 5,560 3,144 1,301,246

Dec-16 1,301,246 2,006,864 429,374 2 - 1,577,488 43,497 5,692 5,010 5,010 1,528,300 3,382 1,437,283 1,304 3,382 1,390,959

Jan-17 1,390,959 1,661,368 394,024 - - 1,267,345 30,934 4,225 4,422 4,422 1,232,185 3,836 1,610,286 3,394 3,836 1,009,463

Feb-17 1,009,463 1,684,874 395,548 27 10 1,289,289 24,241 3,680 3,177 3,177 1,261,368 2,884 1,050,692 757 2,884 1,219,383

Mar-17 1,219,383 1,861,582 464,934 5 - 1,396,644 36,300 1,632 4,715 4,715 1,358,712 4,313 1,525,811 555 4,313 1,051,729

Apr-17 1,051,729 1,470,836 370,079 23 - 1,100,734 32,709 2,315 4,190 4,190 1,065,710 2,866 1,149,219 949 2,866 967,272

May-17 967,272 1,857,769 473,723 71 10 1,383,965 31,947 3,274 5,411 5,411 1,348,743 3,114 1,269,346 1,112 3,114 1,045,557

Jun-17 1,045,557 1,723,641 415,607 - - 1,308,034 29,408 3,235 5,474 5,474 1,275,391 2,825 1,298,070 482 2,825 1,022,396

Jul-17 1,022,396 1,751,422 411,301 172 - 1,339,949 29,635 2,048 4,229 4,229 1,308,265 2,878 1,298,731 739 2,878 1,031,191

Aug-17 1,031,191 1,837,591 467,123 83 - 1,370,384 29,247 3,647 4,130 4,130 1,337,489 3,083 1,352,453 1,573 3,083 1,014,654





Page 82


(A) Opening balance of eligible receivables represented by the closing balance of eligible receivables (O), verified in previous month.

(B) Receivables invoiced according to the date of origination composed of eligible and non-eligible receivables

(C) According to criteria defined by the company, those clients who pay via bank slip, mainly represented by large domestic clients are not eligible.

(D) Elimination of bills by invoices with maturity date and/or date of payment before the date of issue composed of eligible receivables.

(E) Elimination of bills with maturity on the date of issue which are not eligible to the operation.

(F) Result of sales originated in month (A) less eliminations (B,C,D and E)

(G) Elimination of bills by reversals/returns of eligible base. For returns, only receivables fully returned were considered. The opening between cancellations and reversals/returns were informed by the Company.

(H) Elimination of bills by cancellations. The opening between cancellations and reversals/returns were informed by the Company.

(I)/(J) Amounts informed by the Company on partial returns.

(K) Result of receivables after eliminations (F) less dilutions (G/H) and added by partial dilutions (I).

(L)/(O) Amounts informed by the Company on fine and interest rates.

(M) Receivables settled according to the date of payment represented by eligible receivables defined by the company.

(N) Criterion defined by the Company to adopt Write Off (Eligible Base): (a) for bills amounting up to R$30,000, 180 days were used. (b) For bills with amount exceeding R$30,000, 360 days were used.

(P) Result of opening balance of eligible receivables (A) added by eligible receivables after dilutions (J) and fine/interest rates (K) less payments made in the month (L), write off (M) and fine/interest rates (N).

Date

Opening

balance of

eligible

receivables

(+)

Receivables

sales

originated in

the month

(-) Elimination of

non-eligible

receivables -

Clients who do

not pay via

transaction slip

(-) Elimination

of non-eligible

receivables -

Base

inconsistencies

(-) Elimination

of non-eligible

receivables -

Bills issued (on

demand)

Eligible

receivables

after

eliminations

(-) Dilutions

occurred in the

month (eligible) -

reversals/returns

(-) Dilutions

occurred in

the month

(eligible) -

Canceled

(-) Partial

dilutions

occurred in

the month

(+) Partial

dilutions

occurred in

the month

Eligible

receivables

after dilutions

(+)

Fine/interest

rates

(-) Payments

made in the

eligibles

base month

(-) Write-off

(Month)

(-)

Fine/interest

rates

Closing balance

of eligible

receivables

(accumulated)


Sep-17 1,014,654 1,739,024 429,112 2 - 1,309,910 31,757 3,109 3,536 3,536 1,275,044 2,964 1,214,065 2,571 2,964 1,073,062

Oct-17 1,073,062 1,866,414 451,645 99 - 1,414,670 37,325 1,570 3,700 3,700 1,375,776 3,016 1,351,680 1,453 3,016 1,095,705

Nov-17 1,095,705 2,120,571 588,515 22 0 1,532,034 46,783 3,772 3,800 3,800 1,481,480 3,177 1,304,617 943 3,177 1,271,624

Dec-17 1,271,624 2,066,655 515,588 65 90 1,550,911 44,711 2,940 4,271 4,271 1,503,260 2,880 1,391,167 1,350 2,880 1,382,367

Jan-18 1,382,367 1,721,826 397,855 9 - 1,323,961 31,969 2,002 6,293 6,293 1,289,990 3,756 1,601,383 1,470 3,756 1,069,503

Feb-18 1,069,503 1,665,064 420,990 - 0 1,244,074 33,762 3,856 2,658 2,658 1,206,456 2,903 1,239,292 1,256 2,903 1,035,411

Mar-18 1,035,411 1,826,471 483,234 1 - 1,343,236 38,910 6,571 3,761 3,761 1,297,754 2,965 1,261,115 1,262 2,965 1,070,788

Apr-18 1,070,788 1,728,027 439,306 26 - 1,288,695 37,276 5,108 4,492 4,492 1,246,312 3,246 1,306,480 3,116 3,246 1,007,503

May-18 1,007,503 1,368,084 305,057 10 - 1,063,017 32,123 4,712 5,242 5,242 1,026,181 3,279 1,264,646 2,496 3,279 766,543

Jun-18 766,543 2,059,346 512,262 42 - 1,547,042 37,472 6,949 4,213 4,213 1,502,621 2,747 1,152,274 2,523 2,747 1,114,367

Total 110,594,133 26,251,072 1,701 274 84,341,086 2,209,704 323,820 289,248 289,248 81,807,563 213,681 80,636,583 56,613 213,681




Page 83


The following table presents the performance of the portfolio overdue through aging list according to Company’s criteria.

l - Receivables overdue and not settled defined by payment date and maturity date,

Jul-13 980.089 969.665 9.703 721 - - - - - -

Aug-13 1.055.379 1.013.144 27.053 13.081 2.100 - - - - -

Sep-13 1.038.233 993.553 22.320 15.290 5.818 1.252 - - - -

Oct-13 1.066.208 1.022.173 19.915 12.674 6.297 3.928 1.222 - - -

Nov-13 1.240.531 1.173.177 34.608 16.353 8.125 3.804 3.368 1.096 - -

Dec-13 1.222.122 1.065.859 62.881 65.623 13.941 6.239 3.391 3.088 1.101 -

Jan-14 1.063.536 1.000.956 17.751 15.661 12.273 5.726 4.065 3.082 2.963 1.059

Feb-14 1.129.779 1.071.176 18.644 9.592 7.674 8.808 4.241 3.486 2.794 3.363

Mar-14 1.111.587 1.037.284 28.784 12.002 6.925 5.950 8.214 4.036 3.312 5.080

Apr-14 1.079.305 1.000.800 22.606 22.106 6.275 4.130 5.176 6.957 3.790 7.466

May-14 1.228.800 1.139.988 30.283 20.133 8.654 4.372 3.577 4.711 6.445 10.636

Jun-14 1.165.272 1.088.793 24.961 17.668 6.664 4.478 3.781 3.164 4.225 11.539

Jul-14 1.187.177 1.118.064 26.506 9.174 5.784 4.190 3.579 3.394 2.882 13.605

Aug-14 1.226.523 1.132.823 39.509 18.746 7.722 4.164 3.314 3.207 3.236 13.804

Sep-14 1.129.227 1.061.099 21.404 11.511 7.372 4.626 3.518 2.974 2.953 13.770

Oct-14 1.185.835 1.114.283 26.118 10.292 7.154 4.238 3.626 3.032 2.791 14.302

Nov-14 1.431.373 1.317.215 57.690 22.979 7.630 3.887 3.213 2.829 2.841 13.090

Dec-14 1.495.470 1.212.912 91.520 125.538 38.505 5.728 3.539 2.880 2.683 12.165

Jan-15 1.218.139 1.100.008 33.174 22.411 13.225 28.148 5.056 3.358 2.749 10.010

Feb-15 1.251.193 1.149.543 29.195 17.745 13.389 7.462 18.991 3.659 2.706 8.503

Date

Closing balance

of eligible

receivables

(accumulated)

Falling dueOverdue

1-10 Days

Overdue

11-30 Days

Overdue

31-60 Days

Overdue

61-90 Days

Overdue

91-120 Days

Overdue

121-150 Days

Overdue

151-180 Days

Overdue

Above 181

Days

______________________________________l_______________________________________________


Page 84




Mar-15 1.195.409 1.122.744 24.091 12.858 6.852 6.819 6.022 3.939 3.386 8.698

Apr-15 1.235.297 1.159.991 21.709 16.216 7.987 4.657 6.028 5.556 3.682 9.471

May-15 1.339.343 1.243.215 42.949 16.975 7.791 5.144 3.831 5.349 5.326 8.764

Jun-15 1.108.868 1.019.442 32.759 20.794 8.303 4.344 3.868 3.329 4.737 11.292

Jul-15 1.125.106 1.030.481 40.872 19.319 7.798 3.936 3.358 3.586 3.086 12.670

Aug-15 1.045.116 954.547 41.017 16.135 7.404 4.317 3.183 2.944 3.379 12.190

Sep-15 1.068.883 982.628 32.301 18.975 8.813 4.255 3.416 2.842 2.740 12.913

Oct-15 1.167.725 1.069.368 47.217 16.779 9.073 4.920 3.165 2.995 2.608 11.601

Nov-15 1.275.551 1.188.065 38.658 14.706 9.480 5.323 3.508 2.671 2.804 10.336

Dec-15 1.411.195 1.305.421 41.373 27.461 12.278 4.478 3.729 3.044 2.436 10.976

Jan-16 1.092.064 960.766 53.910 39.747 14.157 4.197 3.461 3.060 2.888 9.878

Feb-16 929.185 817.813 40.785 21.237 20.463 8.985 3.398 3.011 2.931 10.563

Mar-16 979.842 892.322 29.626 14.991 7.625 11.310 7.748 3.161 2.755 10.305

Apr-16 1.040.529 953.133 32.654 11.784 7.401 4.947 9.989 7.323 3.048 10.250

May-16 1.010.974 917.196 30.749 20.103 8.304 4.629 3.659 9.568 7.050 9.717

Jun-16 1.046.249 952.457 33.699 14.546 13.523 4.527 3.991 3.197 8.639 11.669

Jul-16 1.087.170 988.337 40.544 15.627 7.377 10.104 3.695 3.246 2.818 15.421

Aug-16 947.567 854.466 33.833 16.269 8.266 5.259 9.269 3.720 3.021 13.466

Sep-16 1.024.979 934.677 29.192 17.114 8.675 3.759 4.713 9.009 3.586 14.254

Oct-16 1.083.773 995.677 29.701 17.297 9.427 5.039 2.806 2.485 8.319 13.022

Date

Closing balance

of eligible

receivables

(accumulated)

Falling dueOverdue

1-10 Days

Overdue

11-30 Days

Overdue

31-60 Days

Overdue

61-90 Days

Overdue

91-120 Days

Overdue

121-150 Days

Overdue

151-180 Days

Overdue

Above 181

Days

______________________________________l_______________________________________________


Page 85




Nov-16 1.301.246 1.218.387 24.145 20.860 9.570 6.109 3.871 2.577 2.359 13.368

Dec-16 1.390.959 1.252.514 84.650 16.670 9.125 5.337 4.814 3.748 2.508 11.594

Jan-17 1.009.463 917.821 29.486 23.935 14.798 4.809 4.269 4.243 3.553 6.548

Feb-17 1.219.383 1.097.705 72.414 11.798 12.882 5.425 3.646 3.961 4.360 7.192

Mar-17 1.051.729 963.587 41.980 12.595 8.167 5.059 4.009 3.106 3.666 9.561

Apr-17 967.272 856.120 56.964 18.030 8.902 4.089 4.295 3.706 3.020 12.145

May-17 1.045.557 953.159 36.740 11.246 17.653 4.597 2.801 3.819 3.417 12.124

Jun-17 1.022.396 945.140 29.835 9.280 8.556 8.137 3.296 2.550 3.596 12.004

Jul-17 1.031.191 942.976 33.329 14.396 11.007 4.979 6.421 2.907 2.431 12.746

Aug-17 1.014.654 927.157 33.527 14.364 12.681 2.880 4.609 5.712 2.741 10.984

Sep-17 1.073.062 990.002 34.020 14.893 9.967 2.785 2.348 4.196 5.591 9.259

Oct-17 1.095.705 1.001.916 48.541 14.267 6.226 4.435 2.430 2.144 3.889 11.857

Nov-17 1.271.624 1.184.269 36.302 20.707 7.791 4.201 3.971 2.202 2.022 10.159

Dec-17 1.382.367 1.251.291 75.152 19.997 12.226 5.098 3.740 3.771 2.128 8.965

Jan-18 1.069.503 986.545 24.376 20.684 14.193 4.758 4.008 3.561 3.611 7.767

Feb-18 1.035.411 968.762 23.810 13.689 6.680 4.517 3.069 3.297 3.411 8.177

Mar-18 1.070.788 983.583 39.933 17.470 8.972 3.471 3.224 2.651 3.376 8.108

Apr-18 1.007.503 928.455 35.975 14.852 9.438 3.925 2.950 2.929 2.548 6.431

May-18 766.543 680.625 36.190 15.759 14.888 6.103 2.987 2.622 2.622 4.748

Jun-18 1.114.367 1.057.466 23.388 7.893 9.525 4.682 3.621 2.541 2.432 2.818

Date

Closing balance

of eligible

receivables

(accumulated)

Falling dueOverdue

1-10 Days

Overdue

11-30 Days

Overdue

31-60 Days

Overdue

61-90 Days

Overdue

91-120 Days

Overdue

121-150 Days

Overdue

151-180 Days

Overdue

Above 181

Days

______________________________________l_______________________________________________


Page 86

Eligible Portfolio by region

Graph 15. Total sum and number of bills per regionEligible receivables were split into five regions defined by the Company.

The five regions composing the following Brazilian states:

o São Paulo

o Southeast: Espírito Santo, Minas Gerais and Rio de Janeiro.

o South: Paraná, Rio Grande do Sul and Santa Catarina.

o Northeast: Alagoas, Bahia, Ceará, Maranhão, Paraíba, Pernambuco, Piauí, Rio Grande do Norte and Sergipe.

o Mid-North: Acre, Amapá, Amazonas, Distrito Federal, Goiás, Mato Grosso, Mato Grosso do Sul, Pará, Paraíba, Rondônia, Roraima and Tocantins.

-

2.000.000

4.000.000

6.000.000

8.000.000

10.000.000

12.000.000

14.000.000

16.000.000

-

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

Total sum of bills Number of bills


Documents

BRF S.A. · BRF S.A. is liable for defining the scope of work, as well as making available all the database and information referring to receivables to be securitized. Our work was