Bernardo Costa Rating Manager Moody's Local Brasil

Bernardo Costa is a rating manager in Moody's Local Brasil.

Based in São Paulo, Bernardo leads the analysis of a portfolio of infrastructure and project finance issuers primarily in Brazil, Colombia, Chile, and Peru. He is also responsible for leading research projects within the sector. He has fifteen years of experience in the credit analysis of Structured and Project Finance transactions, with a particular focus in Emerging Markets, having spent most of his career working with credit ratings. Prior to joining Moody’s, Bernardo spent 13 years with Fitch Ratings, where he held different analytical roles, lastly as the Head for the Infrastructure andProject Finance Group - Brazil (2014-2016) and Sector Head for Latin America AssetBacked Securities (2011-2013).

Bernardo holds a Bachelor’s degree in Economics from Instituto de Ensino e Pesquisa (Insper-SP) and an MBA from the University of Chicago Booth School of Business.

Gersan Zurita SVP CSS Strategy Moody's Investors Service

Gersan Zurita is a Senior Vice President – Group Credit Officer at Moody’s InvestorsService, managing the development and implementation of credit policy in LatinAmerica. Gersan’s 25-year career in credit analysis and corporate banking encompasses a broad geography and wide scope of asset classes, including StructuredFinance as well as sovereign and sub- sovereign finance in the emerging markets, corporate finance in the US and infrastructure and project finance globally.

Prior to Moody’s, Gersan was with MBIA where he led the credit analysis for the team focused on transactions in Latin America. This includes the development of a new program, in collaboration with the IFC, to enhance the creditworthiness of project bonds issued in the local capital markets of Chile, Colombia and Peru.

Prior to MBIA, Gersan was 11 years with Fitch serving in various capacities, more recently in the Global Infrastructure and Project Finance Group

and member of the corporate finance credit policy committee. Gersan’s corporate banking career began at UBS in New York, where he structured loans and other credit facilities for electric utilities and other public service entities in the US.

Gersan received a M.S. from the School of Architecture at Pratt Institute and an MBA in Finance from The Wharton School of the University of Pennsylvania.

Mansueto Almeida Sócio e economista-chefe BTG Pactual

Mansueto Facundo de Almeida Júnior, is an economist, graduated from the Federal University of Ceará and holds a Master's degree from the University of São Paulo (USP). He worked for many years at the Brazilian Institute for Applied Economic Research (IPEA), a think tank linked to the Brazilian Federal government and as economic the Regional Development and Tourism Committee of the Brazilian Federal Senate (2005-2006). Mr. Almeida was a private consultant in 2015-2016 and, in May 2016, he joined the Brazilian Ministry of the Economy as the Secretary in the Secretariat of Economic Monitoring. In April 2018, Mr. Almeida became the head of the Brazilian National Treasury, where he stayed until July, 2020, when he left the Federal Government to pursue a career in the private sector. Since January, 2021, Mr. Almeida became a partner and the chief economist at BTG Pactual, the largest investment bank in Latin America.

Samar Maziad Vice President - Senior Analyst, Sovereign Risk Group Moody's Investors Service

Dr. Samar Maziad is a Vice President and Senior Analyst at Moody’s Sovereign RiskGroup in New York. She is a lead credit risk analyst for a portfolio of Latin American sovereigns and multilateral development banks, including Brazil and others. Prior tojoining Moody’s, Dr. Maziad was a Senior Economist at the International MonetaryFund, where she covered a wide range of macroeconomic and financial stability issues in emerging markets including China and Latin America.

Dr. Maziad is a regular participant at high-profile market briefings, external conferences and media engagements related to Latin America and emerging markets. Ms. Maziad holds a Ph.D. in Economics from the University of St. Andrews in the UK.

Carolina Chimenti VP-Senior Analyst Moody’s Investors Service

Carolina Chimenti is an Assistant Vice President in Moody’s Corporate Finance Group based in Brazil. She covers a diversified portfolio including steel, petrochemicals, transportation and homebuilding companies domiciled in Brazil. Prior to joining Moody’s in 2011, Carolina worked as a credit analyst at HSBC and at the American Chamber of Commerce. Carolina holds a Bachelor’s degree in Business Administration from ESPM and a Master’s in Finance from Insper.

Cristiane Spercel Senior Vice President, Project & Infrastructure Finance Moody's Ratings

Cristiane is a Senior Vice President/Manager, based in Sao Paulo with management responsibility for the rating agency coverage of project finance, infrastructure and sub sovereign credits across Latin America. In her role, she oversees a team of analysts covering those sectors, developing research on sector trends and conducting outreach activities with key market participants. Cristiane has over fifteen years of experience in the financial services industry. Since she joined the firm in January 2007, Cristiane covered several infrastructure credits in the transportation, sanitation and electricity sectors and project finance transactions. Cristiane has also worked as a senior analyst with Moody's corporate finance team covering high yield and financially distressed issuers in the real estate, construction and transportation sectors until 2016.Before joining Moody's, Cristiane developed credit analysis at West lB and fixed income portfolio management activities at Bank Boston. Cristiane holds a Master's degree in Finance from the Zicklin School of Business at Baruch College, a Bachelor's degree in Business Administration and a MBA in Real Estate from the University of Sao Paulo.

Ceres Lisboa Associate Managing Director, Financial Institutions Group Moody's Ratings

Ceres joined Moody’s in 2006 and is the Associate Managing Director - Latin American Banking.

Ceres came from Standard Bank - Brazil, where she was the RegionalCredit Officer for Latin American Financial Institutions. Ceres, a long-time Brazilian bank industry specialist, was also a credit analyst withBank of America’s Trading Group for over six years, and prior to that she worked for ABN AMRO (Brazil) and BankBoston (Brazil) as a credit analyst for the middle market sector. She holds a B.A. degree from Pontificia Universidade Católica - São Paulo and an MBA in Banking from Fundação Getúlio Vargas, Brazil.

Alexandre Albuquerque Vice President - Senior Analyst, Financial Institutions Group Moody's Investors Service

Alexandre Albuquerque is a Vice President – Senior Analyst on the Latin American Banking Team, covering a portfolio of financial institutions in Brazil and Uruguay. He is also a backup analyst for Peruvian banks. Alexandre joined Moody’s in 2004 as an Associate Analyst. Prior to joining Moody’s, Alexandre spent four years in the Corporate Finance division of a Brazilian investment bank and, for over two years, was involved in strategy and management consulting with a Brazilian firm. Alexandre holds an MBA from the University of Rochester Simon Graduate School and a Bachelor of Science degree in Economics from Universidade Federal do Rio de Janeiro, Brazil.

Marcos Schmidt Associate Managing Director, Corporate Finance Moody's Investors Service

Marcos Schmidt is a Vice President – Senior Credit Officer in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of media & telecommunication, airlines, and building materials companies in South America. Prior to joining Moody’s in 2014, Marcos worked at Morgan Stanley, Citibank and Deutsche Bank. Marcos received his bachelor’s degree in industrial engineering from Escola de Engenharia Maua in Brazil. He also holds an MBA from FIA - Fundacao Instituto de Administracao.

Barbara Mattos Senior Vice President, Corporate Finance Group Moody's Ratings

Barbara Mattos is a Senior Vice President in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of Basic Industries companies, including mining, steel, pulp & paper and a few industrials in South America.

Prior to joining Moody’s in 2011, Barbara worked at FRAM Capital as an equity research analyst and at ABN Amro Bank in the strategic planning/investor relations team. She also worked for Wintershall AG and Cambridge Energy Research Associates in Cambridge, MA.

Barbara received both her bachelor’s degree in business administration and a master’s degree in accounting from Fundação Getulio Vargas in Brazill. She holds an MBA from the Yale Graduate School of Management in New Haven, CT. Barbara is a CFA Charterholder

Mansueto Almeida Sócio e economista-chefe BTG Pactual

Mansueto Facundo de Almeida Júnior, is an economist, graduated from the Federal University of Ceará and holds a Master's degree from the University of São Paulo (USP). He worked for many years at the Brazilian Institute for Applied Economic Research (IPEA), a think tank linked to the Brazilian Federal government and as economic the Regional Development and Tourism Committee of the Brazilian Federal Senate (2005-2006). Mr. Almeida was a private consultant in 2015-2016 and, in May 2016, he joined the Brazilian Ministry of the Economy as the Secretary in the Secretariat of Economic Monitoring. In April 2018, Mr. Almeida became the head of the Brazilian National Treasury, where he stayed until July, 2020, when he left the Federal Government to pursue a career in the private sector. Since January, 2021, Mr. Almeida became a partner and the chief economist at BTG Pactual, the largest investment bank in Latin America.

Cristiane Spercel Senior Vice President, Project & Infrastructure Finance Moody's Ratings

Cristiane is a Senior Vice President/Manager, based in Sao Paulo with management responsibility for the rating agency coverage of project finance, infrastructure and sub sovereign credits across Latin America. In her role, she oversees a team of analysts covering those sectors, developing research on sector trends and conducting outreach activities with key market participants. Cristiane has over fifteen years of experience in the financial services industry. Since she joined the firm in January 2007, Cristiane covered several infrastructure credits in the transportation, sanitation and electricity sectors and project finance transactions. Cristiane has also worked as a senior analyst with Moody's corporate finance team covering high yield and financially distressed issuers in the real estate, construction and transportation sectors until 2016.Before joining Moody's, Cristiane developed credit analysis at West lB and fixed income portfolio management activities at Bank Boston. Cristiane holds a Master's degree in Finance from the Zicklin School of Business at Baruch College, a Bachelor's degree in Business Administration and a MBA in Real Estate from the University of Sao Paulo.

Carolina Chimenti VP-Senior Analyst Moody’s Investors Service

Carolina Chimenti is an Assistant Vice President in Moody’s Corporate Finance Group based in Brazil. She covers a diversified portfolio including steel, petrochemicals, transportation and homebuilding companies domiciled in Brazil. Prior to joining Moody’s in 2011, Carolina worked as a credit analyst at HSBC and at the American Chamber of Commerce. Carolina holds a Bachelor’s degree in Business Administration from ESPM and a Master’s in Finance from Insper.

Alexandre Albuquerque Vice President - Senior Analyst, Financial Institutions Group Moody's Investors Service

Alexandre Albuquerque is a Vice President – Senior Analyst on the Latin American Banking Team, covering a portfolio of financial institutions in Brazil and Uruguay. He is also a backup analyst for Peruvian banks. Alexandre joined Moody’s in 2004 as an Associate Analyst. Prior to joining Moody’s, Alexandre spent four years in the Corporate Finance division of a Brazilian investment bank and, for over two years, was involved in strategy and management consulting with a Brazilian firm. Alexandre holds an MBA from the University of Rochester Simon Graduate School and a Bachelor of Science degree in Economics from Universidade Federal do Rio de Janeiro, Brazil.

Samar Maziad Vice President - Senior Analyst, Sovereign Risk Group Moody's Investors Service

Dr. Samar Maziad is a Vice President and Senior Analyst at Moody’s Sovereign RiskGroup in New York. She is a lead credit risk analyst for a portfolio of Latin American sovereigns and multilateral development banks, including Brazil and others. Prior tojoining Moody’s, Dr. Maziad was a Senior Economist at the International MonetaryFund, where she covered a wide range of macroeconomic and financial stability issues in emerging markets including China and Latin America.

Dr. Maziad is a regular participant at high-profile market briefings, external conferences and media engagements related to Latin America and emerging markets. Ms. Maziad holds a Ph.D. in Economics from the University of St. Andrews in the UK.

Marcos Schmidt Associate Managing Director, Corporate Finance Moody's Investors Service

Marcos Schmidt is a Vice President – Senior Credit Officer in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of media & telecommunication, airlines, and building materials companies in South America. Prior to joining Moody’s in 2014, Marcos worked at Morgan Stanley, Citibank and Deutsche Bank. Marcos received his bachelor’s degree in industrial engineering from Escola de Engenharia Maua in Brazil. He also holds an MBA from FIA - Fundacao Instituto de Administracao.

Barbara Mattos Senior Vice President, Corporate Finance Group Moody's Ratings

Barbara Mattos is a Senior Vice President in Moody’s Corporate Finance Group in São Paulo, Brazil, leading the credit analysis and rating process for a diversified portfolio of Basic Industries companies, including mining, steel, pulp & paper and a few industrials in South America.

Prior to joining Moody’s in 2011, Barbara worked at FRAM Capital as an equity research analyst and at ABN Amro Bank in the strategic planning/investor relations team. She also worked for Wintershall AG and Cambridge Energy Research Associates in Cambridge, MA.

Barbara received both her bachelor’s degree in business administration and a master’s degree in accounting from Fundação Getulio Vargas in Brazill. She holds an MBA from the Yale Graduate School of Management in New Haven, CT. Barbara is a CFA Charterholder

Gersan Zurita SVP CSS Strategy Moody's Investors Service

Gersan Zurita is a Senior Vice President – Group Credit Officer at Moody’s InvestorsService, managing the development and implementation of credit policy in LatinAmerica. Gersan’s 25-year career in credit analysis and corporate banking encompasses a broad geography and wide scope of asset classes, including StructuredFinance as well as sovereign and sub- sovereign finance in the emerging markets, corporate finance in the US and infrastructure and project finance globally.

Prior to Moody’s, Gersan was with MBIA where he led the credit analysis for the team focused on transactions in Latin America. This includes the development of a new program, in collaboration with the IFC, to enhance the creditworthiness of project bonds issued in the local capital markets of Chile, Colombia and Peru.

Prior to MBIA, Gersan was 11 years with Fitch serving in various capacities, more recently in the Global Infrastructure and Project Finance Group

and member of the corporate finance credit policy committee. Gersan’s corporate banking career began at UBS in New York, where he structured loans and other credit facilities for electric utilities and other public service entities in the US.

Gersan received a M.S. from the School of Architecture at Pratt Institute and an MBA in Finance from The Wharton School of the University of Pennsylvania.

Ceres Lisboa Associate Managing Director, Financial Institutions Group Moody's Ratings

Ceres joined Moody’s in 2006 and is the Associate Managing Director - Latin American Banking.

Ceres came from Standard Bank - Brazil, where she was the RegionalCredit Officer for Latin American Financial Institutions. Ceres, a long-time Brazilian bank industry specialist, was also a credit analyst withBank of America’s Trading Group for over six years, and prior to that she worked for ABN AMRO (Brazil) and BankBoston (Brazil) as a credit analyst for the middle market sector. She holds a B.A. degree from Pontificia Universidade Católica - São Paulo and an MBA in Banking from Fundação Getúlio Vargas, Brazil.

Bernardo Costa Rating Manager Moody's Local Brasil

Bernardo Costa is a rating manager in Moody's Local Brasil.

Based in São Paulo, Bernardo leads the analysis of a portfolio of infrastructure and project finance issuers primarily in Brazil, Colombia, Chile, and Peru. He is also responsible for leading research projects within the sector. He has fifteen years of experience in the credit analysis of Structured and Project Finance transactions, with a particular focus in Emerging Markets, having spent most of his career working with credit ratings. Prior to joining Moody’s, Bernardo spent 13 years with Fitch Ratings, where he held different analytical roles, lastly as the Head for the Infrastructure andProject Finance Group - Brazil (2014-2016) and Sector Head for Latin America AssetBacked Securities (2011-2013).

Bernardo holds a Bachelor’s degree in Economics from Instituto de Ensino e Pesquisa (Insper-SP) and an MBA from the University of Chicago Booth School of Business.