On May 20, 2015, the Administrative Council for Economic Defense (“CADE”) issued guidelines on gun jumping (“Guidelines”). These Guidelines are not binding on parties involved in transactions that require antitrust approval in Brazil, but they serve as an important guidance for companies and individuals seeking to avoid engaging in gun jumping, a violation pursuant to the Law 12,529/2011 (the “Brazilian Antitrust Law”). I) General overview The Guidelines cover three main topics: (i) information exchange between the parties involved in a transaction; (ii) contractual provisions that govern the relationship between parties; and (iii) the conduct of parties prior to, and during, the negotiation of a transaction. CADE acknowledges that the negotiation of a deal will necessarily lead to the

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