Banco IBM S.A. Felippe Melo (11) 2132-7718 felippe@br.ibm.com

Áreas de Negócio IBM Global Financing Now lets spend a few minutes on the six- month quota process. This chart will address the approach at a high level. IBM has set the 1H of 2007 quota based on the 1H of 2006 plus our growth objectives. The important change here is that the 1H 2006 attainment is known and accurate and not negatively effected by a year-end forecast that we have used in the past to set full year quota plans. Now. when we announce our 1H six month quotas and pass quotas down the management chain, these are the quotas for the 1H, with no need to adjust them due a missed year end forecasts, eliminating the need for a 1H revalidation process. So it is critical that our management teams spend the required time to set them accurately - there will be no need for a quota adjustment during the 1H. Setting these quotas will require a different thought pattern and approach for our sales managers, really focusing in on the account planning process, the 1H and 2H buying patterns of our customers and sales opportunities by account for the 1H versus the 2H. There will be situations where a sales team will have very different 1H and 2H objectives, large in 1H and smaller in the 2H or vice versus. But the 1H quota is the quota and when we set the 2H quota in the 2Q, that quota will be based on the 2H of 2006, not a forecast of 2Q 2007 and once again tied out to IBM’s 2H objective, keeping alignment of the sales teams with IBM’s 2H objectives. This quota will also be an accurate quota with no negative impact of 1H 2007 forecasts that are missed. The design points of the incentive plan and the execution are key - we plan to maintain the same territories, the same 2007 Incentive Plan designs and just issue a new quota come July. Everyone, all sales managers, sales executives and individuals on incentive plans, will receive a new 2H quota. 1H is over and we move on. Financiamento a Clientes Financiamento a Parceiros Remarketing Fornecer soluções de Leasing e Financiamento para aquisições de TI Fornecer capital de giro aos Parceiros de Negócios IBM Fornecer soluções para equipamentos usados, incluindo revenda e serviços de retirada e descarte Fazemos isso para pequenas, médias e empresas globais

Missão Disponibilizar soluções financeiras aos clientes IBM permitindo a sua preservação de linhas de crédito e de caixa para investimentos em seu foco de negócio, além de oferecer alternativas para um melhor gerenciamento de seu orçamento de TI. Now lets spend a few minutes on the six- month quota process. This chart will address the approach at a high level. IBM has set the 1H of 2007 quota based on the 1H of 2006 plus our growth objectives. The important change here is that the 1H 2006 attainment is known and accurate and not negatively effected by a year-end forecast that we have used in the past to set full year quota plans. Now. when we announce our 1H six month quotas and pass quotas down the management chain, these are the quotas for the 1H, with no need to adjust them due a missed year end forecasts, eliminating the need for a 1H revalidation process. So it is critical that our management teams spend the required time to set them accurately - there will be no need for a quota adjustment during the 1H. Setting these quotas will require a different thought pattern and approach for our sales managers, really focusing in on the account planning process, the 1H and 2H buying patterns of our customers and sales opportunities by account for the 1H versus the 2H. There will be situations where a sales team will have very different 1H and 2H objectives, large in 1H and smaller in the 2H or vice versus. But the 1H quota is the quota and when we set the 2H quota in the 2Q, that quota will be based on the 2H of 2006, not a forecast of 2Q 2007 and once again tied out to IBM’s 2H objective, keeping alignment of the sales teams with IBM’s 2H objectives. This quota will also be an accurate quota with no negative impact of 1H 2007 forecasts that are missed. The design points of the incentive plan and the execution are key - we plan to maintain the same territories, the same 2007 Incentive Plan designs and just issue a new quota come July. Everyone, all sales managers, sales executives and individuals on incentive plans, will receive a new 2H quota. 1H is over and we move on.

Banco IBM 1992 – IBM Brasil Leasing S.A. Compra da carteira de Arrendamento do Chase Manhattan 2004 – Constituição do Banco IBM S/A Maior empresa de financiamento de TI no Brasil Carteira de R$ 3 bilhões Financiamento de produtos IBM e de parceiros estratégicos Now lets spend a few minutes on the six- month quota process. This chart will address the approach at a high level. IBM has set the 1H of 2007 quota based on the 1H of 2006 plus our growth objectives. The important change here is that the 1H 2006 attainment is known and accurate and not negatively effected by a year-end forecast that we have used in the past to set full year quota plans. Now. when we announce our 1H six month quotas and pass quotas down the management chain, these are the quotas for the 1H, with no need to adjust them due a missed year end forecasts, eliminating the need for a 1H revalidation process. So it is critical that our management teams spend the required time to set them accurately - there will be no need for a quota adjustment during the 1H. Setting these quotas will require a different thought pattern and approach for our sales managers, really focusing in on the account planning process, the 1H and 2H buying patterns of our customers and sales opportunities by account for the 1H versus the 2H. There will be situations where a sales team will have very different 1H and 2H objectives, large in 1H and smaller in the 2H or vice versus. But the 1H quota is the quota and when we set the 2H quota in the 2Q, that quota will be based on the 2H of 2006, not a forecast of 2Q 2007 and once again tied out to IBM’s 2H objective, keeping alignment of the sales teams with IBM’s 2H objectives. This quota will also be an accurate quota with no negative impact of 1H 2007 forecasts that are missed. The design points of the incentive plan and the execution are key - we plan to maintain the same territories, the same 2007 Incentive Plan designs and just issue a new quota come July. Everyone, all sales managers, sales executives and individuals on incentive plans, will receive a new 2H quota. 1H is over and we move on.

Objetivos Banco IBM Reduzir o custo de aquisição de equipamentos de TI Melhorar o processo de gerenciamento de aquisição de TI Facilitar o gerenciamento de equipamentos de TI durante sua vida útil First, for organizations who invest in technology to run their operations, to enable growth, or to support transformation, IGF can help lower the cost of technology, help clients manage the costs of technology acquisition, and facilitate management of these assets throughout their lifecycle including data and asset disposal: Preservação do caixa e de linhas de crédito Melhoria de payback / ROI Prestações pré-estabelecidas Valor Residual Permite mais aquisição com o mesmo orçamento Flexibilidade de prazo / fluxo Maximizaçao dos indicadores financeiros Redução do risco de obsolescência Opções ao final do leasing Recompra e descarte Facilitar a atualização Tecnológica Equipamentos usados recondicionados

Produtos Financeiros Leasing Financiamento IBM Project Financing™ Leasing FPO (“financeiro”) Leasing FMV (“operacional”) Sale & Leaseback Leasing Financiamento Linha de Crédito para compra de SW, Serviços, HW ou soluções de IT Solução financeira para projetos de implementação durante um certo período de tempo (ex: Consultoria) IBM Project Financing™

Leasing Fator propulsor de rendimento de uma empresa é a utilização e não propriedade do bem; Prazo mínimo de 24 meses; Indexações CDI Taxa Pré-fixada Dólar Elegível a HW (100%), SW (100%) e Serviços correlatos (limitados a 50% da transação) Opção de Compra de R$ 1,00 ou a Valor de Mercado Permite entregas escalonadas e de múltiplos fornecedores Permite atualização tecnológica ao longo do contrato Now lets spend a few minutes on the six- month quota process. This chart will address the approach at a high level. IBM has set the 1H of 2007 quota based on the 1H of 2006 plus our growth objectives. The important change here is that the 1H 2006 attainment is known and accurate and not negatively effected by a year-end forecast that we have used in the past to set full year quota plans. Now. when we announce our 1H six month quotas and pass quotas down the management chain, these are the quotas for the 1H, with no need to adjust them due a missed year end forecasts, eliminating the need for a 1H revalidation process. So it is critical that our management teams spend the required time to set them accurately - there will be no need for a quota adjustment during the 1H. Setting these quotas will require a different thought pattern and approach for our sales managers, really focusing in on the account planning process, the 1H and 2H buying patterns of our customers and sales opportunities by account for the 1H versus the 2H. There will be situations where a sales team will have very different 1H and 2H objectives, large in 1H and smaller in the 2H or vice versus. But the 1H quota is the quota and when we set the 2H quota in the 2Q, that quota will be based on the 2H of 2006, not a forecast of 2Q 2007 and once again tied out to IBM’s 2H objective, keeping alignment of the sales teams with IBM’s 2H objectives. This quota will also be an accurate quota with no negative impact of 1H 2007 forecasts that are missed. The design points of the incentive plan and the execution are key - we plan to maintain the same territories, the same 2007 Incentive Plan designs and just issue a new quota come July. Everyone, all sales managers, sales executives and individuals on incentive plans, will receive a new 2H quota. 1H is over and we move on.

Leasing FPO – Full Pay Out FMV – Fair Market Value Conhecido como Leasing “Financeiro” Cliente provavelmente irá comprar o eqto após o fim do Contrato Valor Residual = zero Opção de Compra = R$ 1,00 Cliente assume Risco de Obsolescência Prestação = Princial + Juros Eligível a HW / SW & Services Conhecido como Leasing “Operacional” Cliente provavelmente irá devolver o eqto Após o fim do Contrato Valor Residual > zero Opção de Compra a Valor de Mercado IBM assume Risco de Obsolescência Prestação = Principal + Juros – Vl. Resid. Eligível a HW apenas Now lets spend a few minutes on the six- month quota process. This chart will address the approach at a high level. IBM has set the 1H of 2007 quota based on the 1H of 2006 plus our growth objectives. The important change here is that the 1H 2006 attainment is known and accurate and not negatively effected by a year-end forecast that we have used in the past to set full year quota plans. Now. when we announce our 1H six month quotas and pass quotas down the management chain, these are the quotas for the 1H, with no need to adjust them due a missed year end forecasts, eliminating the need for a 1H revalidation process. So it is critical that our management teams spend the required time to set them accurately - there will be no need for a quota adjustment during the 1H. Setting these quotas will require a different thought pattern and approach for our sales managers, really focusing in on the account planning process, the 1H and 2H buying patterns of our customers and sales opportunities by account for the 1H versus the 2H. There will be situations where a sales team will have very different 1H and 2H objectives, large in 1H and smaller in the 2H or vice versus. But the 1H quota is the quota and when we set the 2H quota in the 2Q, that quota will be based on the 2H of 2006, not a forecast of 2Q 2007 and once again tied out to IBM’s 2H objective, keeping alignment of the sales teams with IBM’s 2H objectives. This quota will also be an accurate quota with no negative impact of 1H 2007 forecasts that are missed. The design points of the incentive plan and the execution are key - we plan to maintain the same territories, the same 2007 Incentive Plan designs and just issue a new quota come July. Everyone, all sales managers, sales executives and individuals on incentive plans, will receive a new 2H quota. 1H is over and we move on. FPO FMV Purchase Price FMV 36 mos 36 mos

Leasing – Fluxo Operacional (1) Negociação Comercial (definição do fornecedor, bens e preço) (4) Entrega dos bens CLIENTE ou ARRENDATÁRIO FORNECEDOR(ES) (2) Negociação e Assinatura Do Contrato de Leasing (3) Autorização de Faturamento (5) Assinatura do TRA (6) Pagamento à vista ARRENDADORA (7) Cobrança Mensal do Leasing

Diferenciais Banco IBM Conhecimento e foco do mercado de TI Produtos estruturados para particularidades do mercado Leasing com Opção de Compra a valor de Mercado (Leasing FMV) Processo de Final de Leasing adequado às práticas “verdes” Linha de crédito adicional Possibilidade de cotação online (RoF) Financiamento da solução total Now lets spend a few minutes on the six- month quota process. This chart will address the approach at a high level. IBM has set the 1H of 2007 quota based on the 1H of 2006 plus our growth objectives. The important change here is that the 1H 2006 attainment is known and accurate and not negatively effected by a year-end forecast that we have used in the past to set full year quota plans. Now. when we announce our 1H six month quotas and pass quotas down the management chain, these are the quotas for the 1H, with no need to adjust them due a missed year end forecasts, eliminating the need for a 1H revalidation process. So it is critical that our management teams spend the required time to set them accurately - there will be no need for a quota adjustment during the 1H. Setting these quotas will require a different thought pattern and approach for our sales managers, really focusing in on the account planning process, the 1H and 2H buying patterns of our customers and sales opportunities by account for the 1H versus the 2H. There will be situations where a sales team will have very different 1H and 2H objectives, large in 1H and smaller in the 2H or vice versus. But the 1H quota is the quota and when we set the 2H quota in the 2Q, that quota will be based on the 2H of 2006, not a forecast of 2Q 2007 and once again tied out to IBM’s 2H objective, keeping alignment of the sales teams with IBM’s 2H objectives. This quota will also be an accurate quota with no negative impact of 1H 2007 forecasts that are missed. The design points of the incentive plan and the execution are key - we plan to maintain the same territories, the same 2007 Incentive Plan designs and just issue a new quota come July. Everyone, all sales managers, sales executives and individuals on incentive plans, will receive a new 2H quota. 1H is over and we move on.

Rapid Online Financing (RoF) Ofertas de R$ 15 K a R$ 700 K Autonomia de cotação Resposta da avaliação de crédito em 48hs Now lets spend a few minutes on the six- month quota process. This chart will address the approach at a high level. IBM has set the 1H of 2007 quota based on the 1H of 2006 plus our growth objectives. The important change here is that the 1H 2006 attainment is known and accurate and not negatively effected by a year-end forecast that we have used in the past to set full year quota plans. Now. when we announce our 1H six month quotas and pass quotas down the management chain, these are the quotas for the 1H, with no need to adjust them due a missed year end forecasts, eliminating the need for a 1H revalidation process. So it is critical that our management teams spend the required time to set them accurately - there will be no need for a quota adjustment during the 1H. Setting these quotas will require a different thought pattern and approach for our sales managers, really focusing in on the account planning process, the 1H and 2H buying patterns of our customers and sales opportunities by account for the 1H versus the 2H. There will be situations where a sales team will have very different 1H and 2H objectives, large in 1H and smaller in the 2H or vice versus. But the 1H quota is the quota and when we set the 2H quota in the 2Q, that quota will be based on the 2H of 2006, not a forecast of 2Q 2007 and once again tied out to IBM’s 2H objective, keeping alignment of the sales teams with IBM’s 2H objectives. This quota will also be an accurate quota with no negative impact of 1H 2007 forecasts that are missed. The design points of the incentive plan and the execution are key - we plan to maintain the same territories, the same 2007 Incentive Plan designs and just issue a new quota come July. Everyone, all sales managers, sales executives and individuals on incentive plans, will receive a new 2H quota. 1H is over and we move on. Equipe exclusiva de atendimento Taxas válidas para o trimestre 100% HW 100% SW 50% de Serviços (correlatos ao HW / SW)

ROF - Promoções Ativas 4Q 2010 Ofertas Especiais válidas até 30/dezembro xSeries Financing Elegível a toda a linha de produtos xSeries Taxas competitivas válidas para: Leasing FPO ou FMV Prazo de 24 ou 36 meses Taxa pré fixada ou CDI; A partir de 0,67% a.m (FMV)

Credito Banco IBM Documentação necessária : Balanço Patrimonial + DRE dos últimos 3 anos (**) Estatuto ou Contrato Social Autorização para consulta ao BACEN (*) Ficha cadastral Now lets spend a few minutes on the six- month quota process. This chart will address the approach at a high level. IBM has set the 1H of 2007 quota based on the 1H of 2006 plus our growth objectives. The important change here is that the 1H 2006 attainment is known and accurate and not negatively effected by a year-end forecast that we have used in the past to set full year quota plans. Now. when we announce our 1H six month quotas and pass quotas down the management chain, these are the quotas for the 1H, with no need to adjust them due a missed year end forecasts, eliminating the need for a 1H revalidation process. So it is critical that our management teams spend the required time to set them accurately - there will be no need for a quota adjustment during the 1H. Setting these quotas will require a different thought pattern and approach for our sales managers, really focusing in on the account planning process, the 1H and 2H buying patterns of our customers and sales opportunities by account for the 1H versus the 2H. There will be situations where a sales team will have very different 1H and 2H objectives, large in 1H and smaller in the 2H or vice versus. But the 1H quota is the quota and when we set the 2H quota in the 2Q, that quota will be based on the 2H of 2006, not a forecast of 2Q 2007 and once again tied out to IBM’s 2H objective, keeping alignment of the sales teams with IBM’s 2H objectives. This quota will also be an accurate quota with no negative impact of 1H 2007 forecasts that are missed. The design points of the incentive plan and the execution are key - we plan to maintain the same territories, the same 2007 Incentive Plan designs and just issue a new quota come July. Everyone, all sales managers, sales executives and individuals on incentive plans, will receive a new 2H quota. 1H is over and we move on. (*) Autorização necessária apenas para Balanços não auditados (**) Balanço Patrimonial e DRE devem ser acompanhados de Notas Explicativas e sempre que possível auditados. Ao longo do ano devem ser fornecidos os 2 últimos Balanços Patrimoniais + Balancete do último período disponível.

Banco IBM + GARS = Benefícios Processo de Retornos: Acelerando o processo e evitando perdas; Preservação do investimento passado e menor risco de Obsolescência: menores prestações com Leasing FMV e possibilidade de recompra Segurança das informações confidencais: Limpeza do HD Gerência de Inventário: Garantindo a gerência dos equipamentos usados em inventário da IBM. Remanufaturando/Recondicionando: Alterando a configuração das máquinas, adicionando (upgrade) ou removendo (downgrade) peças e testando- as novamente. Adicionando valor de mercado aos equipamentos usados. Desmantelamento de Equipamentos: Retirando peças para vendas; Separando os resíduos da quebra (plásticos, metais, etc); Reciclando equipamentos e materiais Cidadania corporativa Now lets spend a few minutes on the six- month quota process. This chart will address the approach at a high level. IBM has set the 1H of 2007 quota based on the 1H of 2006 plus our growth objectives. The important change here is that the 1H 2006 attainment is known and accurate and not negatively effected by a year-end forecast that we have used in the past to set full year quota plans. Now. when we announce our 1H six month quotas and pass quotas down the management chain, these are the quotas for the 1H, with no need to adjust them due a missed year end forecasts, eliminating the need for a 1H revalidation process. So it is critical that our management teams spend the required time to set them accurately - there will be no need for a quota adjustment during the 1H. Setting these quotas will require a different thought pattern and approach for our sales managers, really focusing in on the account planning process, the 1H and 2H buying patterns of our customers and sales opportunities by account for the 1H versus the 2H. There will be situations where a sales team will have very different 1H and 2H objectives, large in 1H and smaller in the 2H or vice versus. But the 1H quota is the quota and when we set the 2H quota in the 2Q, that quota will be based on the 2H of 2006, not a forecast of 2Q 2007 and once again tied out to IBM’s 2H objective, keeping alignment of the sales teams with IBM’s 2H objectives. This quota will also be an accurate quota with no negative impact of 1H 2007 forecasts that are missed. The design points of the incentive plan and the execution are key - we plan to maintain the same territories, the same 2007 Incentive Plan designs and just issue a new quota come July. Everyone, all sales managers, sales executives and individuals on incentive plans, will receive a new 2H quota. 1H is over and we move on.

Perguntas importantes Como funciona o financiamento de seus investimentos em TI hoje em dia? Voce gostaria de receber uma proposta de financiamento adicional a sua linha de crédito ou caixa disponível ? Você já ouviu falar que o Banco IBM oferece financiamento para produtos IBM e de seus parceiros de Negócios de toda a solução (hardware, software e serviços)? Você está ciente de que o Banco IBM oferece taxas de financiamento competitivas e ainda permite atualizações tecnológicas ao longo do contrato? Você está ciente do fato de que o leasing pode trazer benefícios fiscais e melhorar o ROI sobre compra definitiva? Você está ciente de que o Banco IBM pode assumir Valor Residual no Leasing, permitindo uma prestação mensal reduzida e ainda assumindo a obsolescência da tecnologia no final do seu contrato? Você sabia que o leasing permite o descarte ecologicamente correto e com segurança dos dados quando o ativo é devolvido no final do contrato?

Contatos IBM Diego Passos (11) 2132-3917 diegopgb@br.ibm.com Andrea Malvero (11) 3594-8001 andrealm@br.ibm.com

Felippe Matteucci Melo (11) 2132-7718 felippe@br.ibm.com IBM Global Financing Obrigado Felippe Matteucci Melo (11) 2132-7718 felippe@br.ibm.com

Leasing – Opções da Arrendatária A escolha do Fornecedor e do Bem: É de responsabilidade da arrendatária a escolha do seu bem e do seu fornecedor. A arrendatária indica e solicita à arrendadora a aquisição do bem. A negociação do preço do Bem: A arrendatária será responsável pela negociação do preço pelo qual a arrendadora irá adquirir o BEM. Alterações no decorrer do contrato: A arrendatária decidiu pela substituição do bem devido à atualização tecnológica: Será feito um aditivo ao contrato de leasing com a substituição ou upgrade dos equipamentos. Opções ao Final do Contrato: : . Compra do BEM . Devolução do BEM . Prorrogação do Contrato de Leasing . Soluções híbridas: Compra de parte dos equipamentos

Leasing (cont.) Arrendadora: É a empresa de leasing. As sociedades arrendadoras devem ter prévia autorização do Banco Central para funcionar. Bancos com carteiras de arrendamento mercantil também podem atuar como arrendadoras. Arrendatária: É a pessoa física ou jurídica contratante do leasing. Fornecedor: É a empresa proprietária do bem que será arrendado. BEM: É o objeto do contrato de leasing. Contrato: É composto do Master, Ordem de Compra e do Termo de Recebimento e Aceitação. TRA (Termo de Recebimento e Aceitação): É o documento que atesta o recebimento dos bens em perfeito estado, autorizando à arrendadora o pagamento do BEM ao fornecedor e o início do leasing. Now lets spend a few minutes on the six- month quota process. This chart will address the approach at a high level. IBM has set the 1H of 2007 quota based on the 1H of 2006 plus our growth objectives. The important change here is that the 1H 2006 attainment is known and accurate and not negatively effected by a year-end forecast that we have used in the past to set full year quota plans. Now. when we announce our 1H six month quotas and pass quotas down the management chain, these are the quotas for the 1H, with no need to adjust them due a missed year end forecasts, eliminating the need for a 1H revalidation process. So it is critical that our management teams spend the required time to set them accurately - there will be no need for a quota adjustment during the 1H. Setting these quotas will require a different thought pattern and approach for our sales managers, really focusing in on the account planning process, the 1H and 2H buying patterns of our customers and sales opportunities by account for the 1H versus the 2H. There will be situations where a sales team will have very different 1H and 2H objectives, large in 1H and smaller in the 2H or vice versus. But the 1H quota is the quota and when we set the 2H quota in the 2Q, that quota will be based on the 2H of 2006, not a forecast of 2Q 2007 and once again tied out to IBM’s 2H objective, keeping alignment of the sales teams with IBM’s 2H objectives. This quota will also be an accurate quota with no negative impact of 1H 2007 forecasts that are missed. The design points of the incentive plan and the execution are key - we plan to maintain the same territories, the same 2007 Incentive Plan designs and just issue a new quota come July. Everyone, all sales managers, sales executives and individuals on incentive plans, will receive a new 2H quota. 1H is over and we move on.

Valores Potenciais de recuperação Beneficios Ambientais Ciclo de vida do Produto Hierarquia de Disposição dos Produtos de GARS Revenda de máquinas Desmantelamento Now lets spend a few minutes on the six- month quota process. This chart will address the approach at a high level. IBM has set the 1H of 2007 quota based on the 1H of 2006 plus our growth objectives. The important change here is that the 1H 2006 attainment is known and accurate and not negatively effected by a year-end forecast that we have used in the past to set full year quota plans. Now. when we announce our 1H six month quotas and pass quotas down the management chain, these are the quotas for the 1H, with no need to adjust them due a missed year end forecasts, eliminating the need for a 1H revalidation process. So it is critical that our management teams spend the required time to set them accurately - there will be no need for a quota adjustment during the 1H. Setting these quotas will require a different thought pattern and approach for our sales managers, really focusing in on the account planning process, the 1H and 2H buying patterns of our customers and sales opportunities by account for the 1H versus the 2H. There will be situations where a sales team will have very different 1H and 2H objectives, large in 1H and smaller in the 2H or vice versus. But the 1H quota is the quota and when we set the 2H quota in the 2Q, that quota will be based on the 2H of 2006, not a forecast of 2Q 2007 and once again tied out to IBM’s 2H objective, keeping alignment of the sales teams with IBM’s 2H objectives. This quota will also be an accurate quota with no negative impact of 1H 2007 forecasts that are missed. The design points of the incentive plan and the execution are key - we plan to maintain the same territories, the same 2007 Incentive Plan designs and just issue a new quota come July. Everyone, all sales managers, sales executives and individuals on incentive plans, will receive a new 2H quota. 1H is over and we move on. Reutilização de peças internamente Valores Potenciais de recuperação Beneficios Ambientais Venda de peças Disposição final dos resíduos (reciclagem, remanufatura, aterro) Custo de Recuperação