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them up to maturity or using them for tax compensation. ■ Players focused mainly on Federal Precatorios, but given the attractive return profile, they have also acquired State and Municipal PrecatOrios ... billion, half of them are of alimony nature*. ■ We will only focus on: 1. Federal PrecatOrios; Focus 2. State Precatorios (only issued by the state of Sao Paulo); 3. Credit ... until December 31 of the year following the subsequent year (y+2). * Non-Alimony federal precatorios are still paid in instalments 13 EFTA01185759 Legal Framework Main Changes Introduced by Constitutional