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HORUS FINANCE is the company of the HORUS GROUP which has a dedicated platform oriented to structured solutions to its customers. With the experience of its partners, HORUS FINANCE has the ability to conceive and structure differentiated solutions that, while are adequate to the needs and expectations of its customers, are implemented with agility.

The HORUS FINANCE draws on its extensive relationships and credibility with market participants to more effectively meet the demands of its customers.

The HORUS GROUP provides strategic advice.

Our professionals are trained to understand the objectives of their clients and guide them in finding a differentiated positioning in the face of market realities, challenges and skills, always with a focus on transparency and materialization of results.

The HORUS GROUP pursues alignment and integration of actions in several areas and business models with a consistent and sustainable added value, aiming at long-term relationships.

Securitization is a financial practice which consists of bundle various types of financial claims on rights (notably securities such as bills issued and not yet paid, debts related to loans and other), and converting them into negotiable securities in the capital market. The debt is transferred, sold in the form of securities, to various investors. Thus, securitization is the conversion of debt into investment.

These securities are therefore characterized by a commitment to pay future principal and interest, from a cash flow arising out of a portfolio of selected assets. Securitization is used by the financial market system to obtain financial resources with risk sharing. It's a way to transform relatively illiquid assets into liquid securities, transferring the risks associated with them to investors who buy them.

Securitization has always been a valuable tool for companies worldwide and also in Brazil.

Receivables Fund "FIDC" is the most common form under which the rights of securitization on financial claims happens in Brazil. The FDIC was created with the primary purpose of acquiring rights on financial credits. A FDIC, also known as Receivables Fund, only raises funds through issuance of shares (or quotas) which remuneration and redemptions are linked with the performance of the underlying assets of the fund. All shareholders have rights over the total net worth of the fund. These rights, however, are divided according to two types of quotas a FDIC can issue. Se quotas have preference for amortization and interest payments. Subordinated quotas will be paid after the senior shares have been fully amortized and/or redeemed.

The constitution, and the distribution of quotas are regulated primarily by CMN Resolution No. 2,907 and CVM Instructions Nos. 356 400 476and CVM Instruction No. 489 and by their subsequent alterations (www.cvm.gov.br) and by the self-regulation ruled issued by of the Brazilian Association of Financial and Capital Markets - ANBIMA (www.anbima.com.br).

The Certificate of Real Estate Receivables (CRI) is a fixed income security based on mortgages (payments installments for acquisition of real property or rents), issued by securitization companies. The CRI can take the form of a "Performed CRI" (when the basic rights of the security issued are represented by real estate which are ready to be used/inhabit) or a Non-Performed CRI (when the instrument is backed by rights of unfinished real estate, such as a real estate still under development).

The CCB is governed by Law No. 10931 of August 2, 2004 and has become an instrument of credit issued by individuals or legal entities, in favor of an institution belonging to the Brazilian financial system, which represents a promise to pay in cash, arising out of a credit of any kind.

To be traded in the secondary market, a CCB must be registered with CETIP - Custody and Settlement System of Brazil for securities (www.cetip.com.br).

To be acquired by an investment funds, a company issued CCBs must be audited by a company registered with the Brazilian Securities Commission - CVM (www.cvm.gov.br) and meet the requirements defined by the Brazilian Association of Financial Markets and Capital - ANBIMA (www.anbima.com.br).

The CCB is an enforceable and extrajudicial debt instrument and may be issued backed by a collateral and/or personal guarantees

. The terms and conditions of the CCBs are agreed before being issued (interest, fees and charges and obligations of the lender, and others).

In Brazil, the legal form mainly adopted to invest in real estate assets are the FIIs.

The Real Estate Funds are constituted with the sole purpose of carrying out investments on various real estate-based businesses, including the development of real estate or receivables arising out of real-estate (such as payment for the acquisition of real estate areas etc).

The assets of a fund may be one or more buildings, parts of buildings, rights with respect of them, etc. It is a form of long-term investment, often reaching 10 years between the initial investment and its full redemption.

The FIIs are condominiums constituted under the closed regime, governed by CVM Instructions Nos. 472, 400, 476 and by observing the requirements of the Brazilian Association of Financial and Capital Markets - ANBIMA (www.anbima.com.br).

Equity Investment Fund allows direct investment into companies. He is known worldwide by the names of Private Equity, Venture Capital and Angel Investing, which basically refers to the stage of development of the investment.

In Brazil, the legal form mainly adopted for investments in Private Equity are the FIPs.

Its purpose is to allow the resources of several investors are gathered to follow an investment thesis based on direct participation in companies, usually with the appointment of key executives in the structure of these companies (such as financial directors and / or operational) and seat on their boards.

In general terms, this investment thesis can aim to accelerate the growth of the companies which receive such investments, consolidating several companies belonging to the the same sectors, adjust company's performance or recover it.

Participation is achieved through the purchase of shares of companies whose selection and analysis are under the criteria and procedures set out in the fund articles of association, which reflect the investment thesis.

It is a form of long-term investment, often reaching 10 years between the initial investment and its redemption.

Equity Investment Funds are condominiums constituted under the closed regime, governed by CVM Instruction Nos 391, 400, 476 and by observing the joint requirements of the Brazilian Association of Financial and Capital Markets - ANBIMA (www.anbima.com.br) and the Brazilian Association of Private Equity and Venture Capital - ABVCAP (www.abvcap.com.br).

A Special Purpose Company is a model of company organization through a limited liability company or an open-ended corporation with a specific objective.

Traditionally, SPCs are used for large infrastructure projects with or without the participation of the public administration, such as the construction of hydroelectric power plants, transmission networks or projects with Private and Public Partnerships (PPPs), recently regulated in Brazil.

Securitization through FIDC (receivables fund)

Main Terms and Conditions

Originator: Train company operating urban transportation services in the city of São Paulo.

Underlying Assets: The right to receive the proceeds arising out of the sale of passenger's tickets issued by the company and bought by individuals, users of the train services.

Total Amount Issued: BRL 150 Million

Type of Shares Issued: Seniors e Subordinated

Benchmark: 9% above IPCA (Brazilian inflation index)

Term: 7 years, with one year grace period

Rating (Moody's): AA

Use of Proceeds: Extension of the train network, investments on maintenance and acquisition of new trains.

Description

True-Sale of the right to receive the proceeds arising out of the sale of passenger's tickets issued by the company and bought by individuals, users of the train services.

The receivables were acquired by the Fund (to where they were diverted to the Fund's on bank account) to support the payment of all costs and expenses of the Fund, including the timely payment of principal and interest of all senior and subordinated shares.

The Fund was the first of a kind in Brazil which was structured exclusively to finance an infrastructure project in the Brazilian capital market

Type of investors

Tipos de investidores

Real Estate Development Projetcs

Brief Description of the Services Provided

Sponsors: Owners of land with potential to develop touristic and hospitality projects (hotel and resorts), real estate developers and/or real estate construction companies in the North, Northeast and Centro-West areas in Brazil.

Activities: Activities: Provision of strategic and financial advisory services with respect to all aspects of the real estate projects, towards their implementation and execution, including but not limited to:
1. Selection, hiring and management of main services providers (research and market intelligence companies, real estate civil work management companies etc);
2. Elaboration of the business plan;
3. Definition of the adequate financial and fiscal packages (through different kind of structures and vehicles) and their respective negotiation with investors (equity and debt investors) as well as governmental authorities, according to the execution risks inherent to each of the different phases of the projects.

Total Amount of Projects: Total Sale's Value of the Projects managed by HORUS GROUP amounted to over BRL 2 Billion.

Waste to energy projects

Brief Description of the Services Provided

Sponsors: Licensees of technology for the treatment of solid waste as well as companies operating the treatment of water, sewage and renewable energy, jointly acting for the establishment of industrial plants for the collection, recycling and treatment of solid waste for the production of sustainable energy (waste-to-energy).

Objectives: Sale of Projects "turn key" for the public and private sectors

Activities: Provision of strategic and financial advisory services with respect to all aspects of projects, towards their implementation and execution, including but not limited to:
1. Support on the negotiation and elaboration of the public auction bidding rules (the "Edital", when the project is originated in the public sector);
2. Elaboration of the business plan;
3. Alignment, modeling and negotiation with different clusters of funding providers (equity and debt investors), of specific financial structures which were appropriated to the inherent execution risks of each phase of the projects.

Total Amount of Projects: The total amount of the projects under the support of HORUS GROUP is over BRL 500 Millions.

Implementation of Aerospace industrial plant

Brief Description of the Services Provided

Sponsors: Licensees of technology for the construction, assembling and maintenance of spare parts, pieces and components for the aerospace industry interested to operate plants in Brazil.

Objectives: Implementation of aerospace industrial plants for the production of spare parts, pieces and components for the aerospace industry, as well as the assembling of aircrafts in Brazil.

Activities: Provision of strategic and financial advisory services with respect to all aspects of the project, towards its implementation and execution, including but not limited to:
1. Identification of different types of guarantees (geo-referenced and with stress evaluation real estate rural areas, among others) to support funding initiatives with different investors, both private and public (Brazilian development banks);
2. Discussion and elaboration of strategic plan for the use of fiscal credits originated by local governmental authorities to support the project due to its social and economic impacts in the area of its implementation; and
3. Alignment, modeling and negotiation with different clusters of funding providers (equity and debt investors), of specific financial structures which were appropriated to the inherent execution risks of each phase of the project.

Total Amount of Projects: O valor do projeto supera BRL 1 Bilhão.

Monetization of exotic assets

Brief Description of the Services Provided

Sponsors: Owners of different types of credit rights, such as judicial credit rights.

Objectives: Leverage of the Sponsors.

Activities: Elaboration and execution of, among others:
1. Financial modeling,
2. Investment vehicles aiming at minimize fiscal burden for the Sponsors (fiscal planning) as well as comply with the investment policies of institutional investors, with alignment of interests of all parties involved, weight-adjusting risks and returns; and
3. Alignment, modeling and negotiation with different clusters of funding providers of specific financial structures which were appropriated to the inherent risks of the underlying assets.

Total Amount of Projects: The total amount of projects which are under HORUS GROUP support is over BRL 1 Billion.

Consolidation of "Players" in the education and mining sectors

Brief Description of the Services Provided

Sponsors: Clients in the sector of education and mining sector, with strong presence in their respect segments.

Objectives: Consolidation of their respective businesses, expansion of ancillary and complementary business (implementation of synergies) within their sectors and opportunistic acquisition for the development of new business.

Activities:
1. Elaboration and execution of strategic and financial planning;
2. Negotiation;
3. Support on formalization of contracts;
4. Support on valuation of assets (pricing); and
5. If required, the alignment, modeling and negotiation of different clusters of funding providers to leverage the acquisition.

Total Amount of Projects: The total amount of projects under the support of HORUS GROUP is over BRL 100 Millions.

TERMS OF USE – Legal Notice

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If you are in doubt as to the content or any information contained on this website or with respect to investments mentioned in this website, you should consult a person qualified to provide information on the services provided by HORUS GROUP.


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