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Table of Contents
Executive Summary...............................................................................................................................................................
3
Brazil Infrastructure: Paving the Way.....................................................................................................................................
5
Equity Investment Implications...............................................................................................................................................
7
Infrastructure Investment Requirements................................................................................................................................
10
Prospective Infrastructure Investment by Sector.....................................................................................................................
11
Challenges to Increased Infrastructure Investment.................................................................................................................
13
Current Situation: Not Good for Brazil’s Competitiveness.......................................................................................................
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Macroeconomic Implications..................................................................................................................................................
19
Equity Section
Agribusiness: An Infrastructure Play Via Rumo (Cosan SA, Cosan Ltd.).........................................................................
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Basic Materials: Steel Is Our Favorite Way to Play Infrastructure in Brazil; Limited Benefits to Mining or Pulp & Paper (Gerdau, Usiminas).........................................................................................................................................................
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Oil, Gas & Petrochemicals: Pre-Salt and Local Content Boosting Local Development (OSX, Lupatech)........................
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Transportation Infrastructure: Highways and Rail: CCR and ALL Benefit from Accelerating Infrastructure Investment (ALL, CCR).....................................................................................................................................................................
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Utilities/Electric and Water: In Support of Economic Growth (Tractebel, CPFL)..............................................................
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Appendix I: Infrastructure Across Sectors in Brazil.................................................................................................................
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Appendix II: The Growth Acceleration Program (PAC)............................................................................................................
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Appendix III: The 2014 World Cup and 2016 Olympic Games................................................................................................
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Appendix IV: Morgan Stanley Brazil Infrastructure Basket Constituents (Bloomberg ticker: <MSBZINFR>)...........................
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Appendix V: Companies Leveraged to Infrastructure Investment...........................................................................................
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